Penney overhaul a drag on profit

Posted: November 10, 2012 at 3:55 a.m.

Shoppers mill about in a J.C. Penney store in Plano, Texas. The retailer on Friday reported a loss of $123 million in the three months that ended Oct. 27.

J.C. Penney Co. on Friday reported a third-quarter loss that was larger than analysts had estimated as Chief Executive Officer Ron Johnson struggles to overhaul the fourth-largest U.S. department-store company.

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Business, Pages 31 on 11/10/2012