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Business

Summary Box: J.C. Penney posts big 3Q loss

By Washington Examiner
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NEW YORK (AP) — BIG LOSS: J.C. Penney reported it lost $123 million, or 56 cents per share, in the quarter ended Oct. 27. That compares with a loss of $143 million, or 67 cents per share, a year ago. Revenue dropped 26.6 percent to $2.93 billion in the quarter.

BEHIND THE RESULTS: Shoppers are still turned off by the company’s pricing plan implemented in February that gets rid of hundreds of sales events in favor of everyday low prices.

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