Bad News For J.C. Penney
Feb 27 (Reuters) - J.C. Penney Co Inc reported on Wednesday that sales at stores open at least a year fell 31.7 percent in the fourth quarter, steeper than the 27.8 percent drop analysts expected.
The poor results for the quarter, which included the holiday season, capped a rough first year for Penney's turnaround. The company's shares fell 4.9 percent in after hours trading.
Penney reported a net loss of $552 million, or $2.51 per share in the 14 weeks ended Feb. 2, compared with a loss of $87 million, or $0.41 per share for a 13-week period a year earlier.
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