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Penney reports another big loss

Feb. 28, 2013 @ 12:00 AM

NEW YORK -- J.C. Penney's on Wednesday 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 massive quarterly losses and revenue declines that miss Wall Street estimates since J.C. Penney Co. began a turnaround strategy that included ditching most of its coupons and sales events in favor of everyday low prices, bringing in hipper designer brands such as Betsy Johnson and remaking outdated stores.

During the fourth quarter that ended Feb. 2, Penney's revenue at stores opened at least a year dropped 31.7 percent.

Gas prices up for 5th straight week in W.Va.

CHARLESTON -- Average gasoline prices in West Virginia have risen for the fifth straight week.

AAA East Central says the price of a gallon of regular in the state is up 2 cents to $3.88.

Target's adjusted 4Q profit beats Street view

MINNEAPOLIS -- Target's Neiman Marcus collaboration did not turn out to be a holiday gift to the retailer.

The No. 2 discount chain reported fiscal fourth-quarter net income dipped 2 percent as it dealt with intense competition during the crucial holiday season. Still, the company's forecast indicated it may beat expectations.

The big-box retailer, known for its cheap but trendy merchandise, had high hopes for the collection of gifts made in partnership with luxury department store Neiman Marcus. The pair of retailers rolled the line of gifts from 24 designers, including Oscar de la Renta and Diane von Furstenberg, on Dec. 1. But just weeks later Target was offering big discounts -- up to 75 percent off -- to clear the shelves of unsold merchandise.

For the three months ended Feb. 2, Target earned $961 million, or $1.47 per share, for the period ended Feb. 2. That's down from $981 million, or $1.45 per share, a year earlier.

Revenue climbed 7 percent to $22.73 billion from $21.29 billion. This met Wall Street's expectations.