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J.C. Penney reports another loss in fourth quarter; sales slide 28%
J.C. Penney reports another loss in fourth quarter; sales slide 28%

J.C. Penney Co. is falling deeper into a rut, reporting yet another quarter of tanking sales and net loss as the department store chain struggles in its reinvention. The Plano, Texas, company reported a net loss of $552 million, or $2.51 a share, in its fiscal fourth quarter, which ended Feb. 2. During the same period a year earlier, it lost $87 million, or 41 cents a share. Revenue plunged 28.4% to $3.9 billion. Same-store sales, which track revenue at locations open at least a year and are less volatile, plummeted 31.7%. Online sales sank 34.4%. By comparison, competitor Macy’s earlier this week said its online sales soared 47.7% during its fourth quarter. Sales and...

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