Given that sharp decline, growing same-store sales by 5% this year will not be nearly enough to bring the company close to profitability. In fact, that would still give the company a three-year comp of worse than -27%. Before Johnson took over in November 2011, revenue had already flatlined, and Penney actually reported a net loss in 2011. So while Ullman's strategy may be a path toward stability, it doesn't look like a recipe for long-term success. Desperate times... J.C. Penney is far from the only struggling retailer these days. Companies like Staples and RadioShack recently saw their shares plummet after posting dismal fourth-quarter earnings reports and sizable comparable-sales declines. In a way, J.C. Penney has an advantage over these businesses. Office supply and electronics sales are fading from the brick-and-mortar arena and flocking online, but clothing is a different animal, much more likely to drive in-store purchasing, and some department stores are thriving.