After plummeting 9.4 percent on Thursday, J.C. Penney Co Inc (NYSE: JCP ) shares tanked another 12 percent on Friday morning after fourth-quarter revenue and same-store sales numbers came up short of expectations.

J.C. Penney stock dipped below $3.50 in the pre-market session as investors contemplated whether it's too late for the retailer to make a comeback.

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On Friday morning, J.C. Penney reported fourth-quarter earnings per share of 57 cents, beating consensus analyst estimates of 47 cents. Revenue of $4.03 billion, however, came up just short of analyst expectations of $4.05 billion. In addition, same-store sales were up only 2.6 percent compared to consensus estimates of 2.9 percent.

The same-store sales miss is particularly disappointing for J.C. Penney investors after the company easily beat consensus forecasts in the third quarter.

In a statement, CEO Marvin Ellison highlighted the positive developments in a difficult 2017. He said adjusted EPS was up 175 percent, debt declined by $600 million and full-year free cash flow was $200 million.

J.C. Penney has been downsizing its business to cut costs as it struggles to navigate a steep decline in the shopping mall business. The company closed more than 100 stores in 2017 and plans to close eight more in 2018. In February, J.C. Penney announced it is closing one of its distribution centers and cutting 670 jobs. On Friday, the company announced another 360 layoffs, bringing its total to more than 1,000 job cuts in less than a month. J.C. Penney said the latest round of cuts will reduce costs between $20 and $25 million.

Ellison said management will continue to focus on growth and earnings.

"In 2018, we will intensify our market share efforts in appliances, mattresses and furniture, while continuing to take steps to modernize our apparel assortment and omni-channel," Ellison said.

Looking ahead to 2018, J.C. Penney is guiding for same-store sales growth between 0 and 2 percent. The company is anticipating full-year 2018 EPS between 5 cents and 25 cents.

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Even with the stock down 43.8 percent in the past year, CFRA analyst Efraim Levy says investors should still be cautious.

"We think JCP is reconnecting with some core customers," Levy says. "However, it will take more time for the company to regain traction in its home business through improvements in brand mix and in-store presentation."

CFRA has a "hold" rating and $4 price target for JCP stock.

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