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J.C. Penney Co. Inc.
JCP, -4.69%
Stocks dropped nearly 11% Thursday in pre-market trading after the department store retailer announced weaker third quarter sales. J.C. Penney announced a loss of $ 151 million, or 48 cents per share, after a loss of $ 125 million, or 40 cents a share, last year. Adjusted losses were 52 cents per share, ahead of the FactSet loss forecast of 56 cents per share. Sales totaled $ 2.65 billion, down from $ 2.82 billion last year and below FactSet's $ 2.76 billion forecast. Same store sales fell 5.4%, well below the expected 0.7% drop in FactSet. J.C. Penney is now expecting comparable store sales for fiscal 2018 to be down less than 10% from previous expectations for stable same store sales. Shares of J.C. Penney have fallen by more than 61% since the beginning of the year, while the S & P 500 index
SPX, -0.76%
gained 1.1% for the period.
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