Penney reports massive losses

NEW YORK — J.C. Penney is reporting massive losses and plunging sales for its fiscal fourth-quarter as the department store chain’s plan to scale back most coupons and sales events has continued to turn off shoppers.

The results mark a full year of massive losses under CEO Ron Johnson, who took on the role in November 2011 to overhaul every aspect of Penney’s business.

The company, based in Plano, Tex., says it lost $552 million, or $2.51 per share, for the period ended Feb. 2. That compares with a loss of $87 million, or 41 cents per share in the year-ago period.

Revenue dropped 28.4 percent to $3.88 billion.

Analysts were expecting a loss of 23 cents on revenue of $4.08 billion.

Revenue at stores opened at least a year dropped 31.7 percent.

More in Herald Business Journal

Boeing marks the start of 777X production at Paine Field

It took tax breaks and union concessions to land assembly of the company’s new jetliner in Everett.

Amazon leases a southwest Everett warehouse for deliveries

The Seaway Center building is not as big as one of the company’s more typical fulfillment centers.

Health-care consumers need to take the lead, so get smart

David Russian, CEO of Western Washington Medical Group, writes our third essay about fixing health care.

Amazon says it received 238 proposals for 2nd headquarters

43 U.S. states, Washington D.C., Puerto Rico, 3 Mexican states and 6 Canadian provinces want HQ2.

JCPenney partners with EvCC, WSU to assist students

Earlier this month, JCPenney partnered with the Career Service Centers at Everett… Continue reading

Re/Max Elite adds two agents in Lynnwood

Jenelle Dent and Lori DaSilva have joined Re/Max Elite as agents at… Continue reading

Register for Marysville Tulalip Business Before Hours event

The Greater Marysville Tulalip Chamber of Commerce holds its next Business Before… Continue reading

Wells Fargo donates $2,500 to Edmonds Center for the Arts

Edmonds Center for the Arts has received a grant of $2,500 from… Continue reading

More business, more competition for Everett kidney dialysis center

Nonprofit Puget Sound Kidney Centers sees large for-profit competitors enter state market.

Most Read