Oh dear. J.C. Penney‘s (JCP) fourth-quarter earnings featured a big miss, with the retailer reporting an adjusted per share loss of $1.95 and sales of $3.88 billion — both numbers were well off consensus analyst estimates, which had forecast a loss of 23 cents and sales of $4.09 billion.
Penney reported an adjusted same-stores sales drop of 31.7%, while Internet sales were down 34.4%. The stock was down as much as 11% in postmarket trades.
These numbers cannot be good for CEO Ron Johnson, though he struck a bullish tone in the earnings statement:
Sales and customer traffic were below our expectations in 2012, but as we execute our ambitious transformation plan, we are pleased with the great strides we made to improve jcpenney’s cost structure, technology platforms and the overall customer experience. �We have accomplished so much in the last twelve months. �We believe the bold actions taken in 2012 will materially improve the Company’s long-term growth and profitability.
That’s what you call a positive attitude.
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