J.C. Penney Co. Inc. lost money and market share in 2011 yet says it’s already seeing some uptick with its sweeping reinvention strategy.
Weak sales, and costs associated with the transformation — from restructurings to management changes and the new pricing and promotional format — contributed to Penney’s net loss of $87 million, or 41 cents a share, for the fourth quarter ended Jan. 28, compared with a $271 million net profit a year ago. For the year, Penney’s lost $152 million compared with a profit of $389 million for 2010.
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