$JCP Has Much Work to Do as Sales Drop and Losses Widen

“J.C. Penney Co. (JCP) Chief Executive Officer Ron Johnson is facing mounting pressure after the first year of his turnaround plan resulted in the department-store company’s lowest annual sales in more than two decades.

The shares dropped as much as 17 percent in early trading in New York after J.C. Penney said its net loss in the quarter ended Feb. 2 widened to $552 million, or $2.51 a share, from $87 million, or 41 cents, a year earlier. The Plano, Texas-based retailer’s annual revenue slid 25 percent to about $13 billion, the lowest since at least 1987….”

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