NEW YORK — It wasn’t J.C. Penney’s year.
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 that shoppers aren’t happy with the changes it’s made in the past year.
The results mark a full year of increasing quarterly losses and revenue declines that miss Wall Street estimates since J.C. Penney Co. began a turnaround strategy that included ditching coupons and most sales events in favor of everyday low prices, bringing in hipper designer brands and remaking outdated stores.
While acknowledging that Penney made some mistakes, CEO Ron Johnson on Wednesday that Penney will start offering sales in stores every week — about 100 of the 600 or so the chain offered each year prior to the turnaround plan.
Penney, based in Plano, Texas, also widened its loss to $552 million, or $2.51 per share, up from a loss of $87 million, or 41 cents per share a year ago.
Total revenue dropped 28.4 percent to $3.88 billion. Analysts had expected a loss of 23 cents on revenue of $4.08 billion, according to research firm FactSet.