August 10, 2012 / 10:09 AM / in 5 years

J.C. Penney same-store sales plunge 21.7 percent

Aug 10 (Reuters) - J.C. Penney Co Inc reported a 21.7 percent decline in second-quarter sales at stores open at least a year, the department store chain’s second straight quarter of severe sales losses since changing its pricing strategy.

Penney reported a net loss of $147 million, or 67 cents per share for the quarter ended July 28, compared with a profit of $14 million, or 7 cents per share, a year ago.

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