Friday, November 11, 2016

JC Penney slashes its sales forecast

JCPenneyJC Penney reported third-quarter earnings on Friday and cut its forecast for sales this year amid weakness in apparel.

The retailer said it saw comparable-store sales — at locations open for at least one year — growing between 1% and 2% in the full year 2017. That's down from previous guidance of 3% to 4%.

Its comparable-store sales in the third quarter fell 0.8%, missing analysts' forecast for a gain of 2.7%. . . . more

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