J.C. Penney Tumbles as Forecast Disappoints Investors
JCP, Gap Turnarounds Take Different Turns in 4Q
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J.C. Penney Co., the department-store chain attempting a turnaround, fell as much as 11 percent in extended trading after giving a disappointing annual forecast and posting a loss in the holiday quarter.
The retailer reported a loss of $59 million, or 19 cents a share, for the period ended Jan. 31, compared with a profit of $35 million, or 11 cents, according to a statement Thursday from the Plano, Texas-based company. A year earlier, it had a one-time $270 million non-cash tax credit.