You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Day’s big loser is J.C. Penney

Associated Press/File 2009

NEW YORK — J.C. Penney Co. was the biggest loser Thursday. Its shares plunged nearly 17 percent to $17.57, the largest decline on the Standard & Poor’s 500 index, a day after the department-store chain posted its fourth consecutive quarterly loss — one that was larger than expected.

The shares have lost about 60 percent since January 2012, when chief executive Ron Johnson unveiled a plan to ditch hundreds of sales in favor of everyday low prices. Thursday’s fall is the latest sign Johnson’s strategy may fail. ‘‘I fear it will be much worse, as consumers continue to walk away from J.C. Penney and its financial health continues to deteriorate,’’ said Walter Loeb, an independent consultant in New York.

Continue reading below

Johnson on Wednesday acknowledged the 1,100-store chain had made some mistakes. He also said Penney would start offering sales every week.

Penney’s quarterly loss widened to $552 million, or $2.51 per share. Revenue fell 24.8 percent to $12.98 billion. Revenue at stores open a least a year — a crucial gauge — dropped 31.7 percent.

For the fiscal year, Penney lost $985 million, or $4.49 per share, compared with a loss of $152 million, or 70 cents, in the year ended Jan. 28, 2012. Revenue fell 24.8 percent to $12.98 billion.

Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.