J.C. Penney Co
Shares in J.C. Penney Co. are tumbling in aftermarket trading after the department store chain posted disappointing results for its key holiday-shopping-season quarter.
J.C. Penney Co. narrowed its third-quarter loss but reported slower sales, a note of warning with the critical holiday shopping season coming up.
J.C. Penney’s reinstalled CEO Mike Ullman is poised to get a big pay increase as the department store chain shows some signs of a turnaround. J.C. Penney Co. could increase Ullman’s base salary to $1.5 million for this year, from $810,606.
The mid-priced department store chain reported another much larger-than-expected loss in the fiscal fourth quarter on a nearly 30 percent plunge in revenue in the latest sign shoppers aren’t happy with the changes it’s made in the past year.