J.C. Penney's revenue tumbles almost 23 percent
NEW YORK (AP) — Six months after J.C. Penney Co. launched a bold new pricing plan, customers still aren't buying it.
The midprice department store chain reported a bigger-than-expected loss and plummeting sales during the second quarter, as its customers remain confused by the new pricing strategy that ditched hundreds of sales in favor of everyday lower prices. The bleak performance marks the second straight quarter of steep sales declines since the plan was introduced Feb. 1.
The company also withdrew its profit guidance for the year. Its shares tumbled more than 8 percent in premarket trading, but turned positive, rising as much as 9 percent after the markets opened.
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