JCPenney’s shares plummeted 12 percent as a result of disappointing Q3 financial results.
According to Fortune, the retailer reported that comparable sales fell 5.4 percent in the third fiscal quarter, worse than the 0.8 percent decline analysts expected. The company also reported a loss of $151 million.
The results sent shares down 12 percent to an all-time low, giving the company a valuation of $384 million.
“While restoring JCPenney to sustained profitable growth will be a lengthy process, I understand the need for quick action,” CEO Jill Soltau said in a statement.
In addition, the company suspended its full-year profit forecast, citing the arrival of several new executives, and lowered its sales expectations.
Earlier this year, JCPenney announced it was cutting its workforce in a move that could save the company up to $25 million per year. The retailer trimmed 360 jobs, including 130 positions in its headquarters.
“Just as we conduct a review of our stores and supply chain operations each year, we continually evaluate the productivity of our home office structure to ensure that it efficiently aligns with the business,” the retailer said in a statement at the time. “Certain positions have been eliminated as a result of this annual assessment.”
The company has also been working to boost sales. At the end of August, 500 JCPenney locations started to stock more strollers, cribs and car seats, along with a selection of items from companies like Dr. Brown’s and Fisher-Price, in an effort to attract customers of the now-defunct Babies R Us. In fact, the department store chain has shifted its focus from millennials to moms.
With the new effort, the retailer held a “Shark Tank” event at its corporate offices, giving executives the opportunity to pitch ideas on how to target this demographic. One idea that came to light was to open the stores one hour early for loyal customers, allowing them a chance to buy Liz Claiborne items before the rest of the public.