Struggling J.C. Penney swung to a dramatic loss in the fourth quarter, a dismal period that will do little to raise hopes about new CEO Ron Johnson’s turnaround.

J.C. Penney lost $552 million, $2.51 a share, after earning $291.4 million, $1.28 a share, a year earlier. Excluding one-time items, J.C. Penney lost $427 million, $1.95 a share. Analysts had predicted J.C. Penney to lose 28 cents.


Revenue declined by 28.4% to $3.8 billion. Comparable store-sales fell by 31.7%, one of the clearest signals in today’s report clear that customers are continuing to abandon the 110-year-old department store.

Shares of J.C. Penney fell 15% in after-hours trading.

Investors hoped for any sign that J.C. Penney’s turnaround is starting to take hold. Already, new CEO Ron Johnson has reversed some strategies: bringing back sales, coupons and clearance racks. He’s said 2013 will be the make-it-or-break-it year for the company. “This is the year that the new JCP takes shape,” Johnson said today. (He prefers calling the company JCP, not J.C. Penney.)