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J.C. Penney (NYSE: JCP ) has reported its fiscal Q4 and 2012 results. For the quarter, the retailer's net sales came in at $3.9 billion, or 28% lower than the $5.4 billion it posted in the same period the previous year. Net loss deepened to $552 million ($2.51 per diluted share), from Q4 2011's shortfall of $87 million ($0.41).
Comparable-store sales, a key metric in the retail industry, fell almost 32% on a year-over-year basis.
For the full year, net sales were just under $13 billion and the net loss amounted to $985 million ($4.49 per diluted share), against 2011's sales of $17.3 billion and bottom-line shortfall of $152million ($0.70).
Comps for J.C. Penney's fiscal 2012 dropped 25% at an annual rate.