Dow Jones soars above 23,000. Is it too stretched? >>> READ MORE

J.C. Penney Shares Plummet After Disastrous Q4

The results are a blow to CEO Ron Johnson turnaround plans


JC PennyOn Wednesday, J.C. Penney (NYSE:JCP) announced that it lost $552 million during the fourth quarter, significantly worse than the $87 million it lost during the same period a year ago.

Investors didn’t like the results, sending J.C. Penney shares down more than 15% in Thursday morning trading.

Martha Stewart’s Name to Get Scarce at J.C. Penney
Martha Stewart’s Name to Get Scarce at J.C. Penney

The struggling retailer said that sales during the holiday quarter tumbled to $3.88 billion, down 28% from the prior year. That disappointed Wall Street, which was looking for sales of $4.08 billion, Bloomberg noted.

Annual sales were down $4 billion, marking the retailers worst annual revenue performance in more than two decades.

The poor results put more pressure on CEO Ron Johnson, the former Apple (NASDAQ:AAPL) executive, who was hired to turnaround the floundering chain’s fortunes. Johnson implemented a “no sales” campaign that bombed with consumers. J.C. Penney has recently moved to return discounts and sales to its marketing.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC