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  • J.C. Penney swings to loss, suspends dividend (Thanks to Ellen Degeneres...)

    05/15/2012 4:57:17 PM PDT · by jimbo123 · 122 replies
    Marketwatch ^ | 5/15/12 | Andria Cheng
    J.C. Penney Co., which is making major pricing and merchandising changes, said Tuesday that it swung to a first-quarter loss that was larger than expected and that it no longer expects to meet its previous profit forecast for the year. -snip- The net loss was $163 million, or 75 cents a share, compared with a profit of $64 million or 28 cents a share a year earlier. Sales in the quarter ended April 28 fell 20% to $3.15 billion.