Penney’s reports 3Q sales shortfall, cuts outlook
J.C. Penney cut its sales outlook for the year after reporting a surprise decline in a key sales figure for the third quarter as it wrestled with sluggish clothing sales.
The report is a setback for Penney, whose business has been volatile, bouncing back in the summer after a tough start to the year.
Nonetheless, shares rose in afternoon trading Friday after dropping as much as 10 percent in premarket dealings.