J.C.Penney's New Strategy Gets Same Result, Big Loss
Shoppers weren't impressed with J.C. Penney's (JCP) new low-prices-everyday pricing strategy. Sales fell 27% in the latest quarter, driving shares down as much as 7% in early Friday trading. The 110-year-old department store lost 9 cents a share in its third quarter, worse than the 7-cent loss analysts expected, but an improvement from last year's 16-cent slide. Penney's revenue slid 27% to $2.93 billion, far below the $3.27 billion Wall Street
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