Shares of J.C. Penney (JCP) lost 17% in Thursday's trading session, after recovering more than 5% from the lows of the day. The plagued retailer announced a very weak set of fourth-quarter results, triggering a renewed sell-off in its shares.
Fourth Quarter Results
J.C. Penney reported fourth-quarter revenues of $3.88 billion, down 28.4% on the year before. Sales fell sharply even as the fourth quarter included $163 million in sales from the 53rd week in 2012.
Comparable store sales fell an incredible 31.7% for the period. Even the internet activities, which typically show higher growth rates for most retailers, reported a 34.4% drop in sales to just $315 million. Sales fell way short of analysts expectations of revenues of $4.08 billion.
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