JCP 4Q and fiscal results not pretty
Retail Editor 3 -- Home Textiles Today, February 27, 2013
Plano, Texas - For the fourth quarter ended Feb. 2, JCPenney's net loss widened to $552 million, or $2.51 per share, from a net loss of $87 million, or 41 cents per share last year.
Sales for the quarter dropped 28.4% to $3.88 billion. Comps, excluding the 53rd week of the fiscal year, tumbled 31.7%.
For the full fiscal year, net loss was $985 million, or $4.49 per share, compared to a net loss of $152 million, or 70 cents per share. Sales fell 24.8% to $163 million, with comps declining 25.2%.
Ecommerce took a big hit as well, dropping 34.4% in the fourth quarter to $315 million. For the full year, online sales sank 33.0% to $1.02 billion.
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