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JC Penney Reports Loss

JC Penney posted an adjusted loss of $0.68 per share and had $3.78 billion in revenues for the fourth quarter. JC Penny's sales were up 2%, while expectations were slightly higher for a 2.1% rise.

The company earned $50 million in "restructuring and management transition charges." CEO Myron Ullman said in a press release, "With the most challenging and expensive parts of the turnaround behind us, we will focus on improving gross margin, managing expense and steadily growing our sales in 2014". He also said "Our strategic plan seeks to enhance performance across all of the key drivers of our business: merchandising, marketing, store experience,, our teams, and our operations. The goal is to deliver consistently improving financial results, and to restore JCPenney as a leader in American retail."

JC Penny forecasts first quarter store sales to rise 3-5% and expect full year 2014 guidance to be under 10%.