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