In about a month (February 27th) J.C.Penney will let us see their 4th quarter and full year results. Sales will be lower than last year; we expect something around minus 28% for the final 2012 quarter. The 4th quarter decline signals a drop of $4.2 Billion for the full year. It is likely that the coming fiscal year will bring more disappointing results – I look for another drop of $2 Billion or 15%. This will occur mostly in the first half of the year, when the company has to anniversary many clearance events. Also, many stores will once again be torn up as new boutiques are put in place.