UPDATE: J.C. Penney (JCP) Sees 2017 Revenue of $14.5B; Q3 SSS Seen in Low-Single Digits

(Updated - October 8, 2014 11:38 AM EDT)

(Updated - October 8, 2014 11:03 AM EDT)

J.C. Penney's (NYSE: JCP) declined Thursday following comments made during the company's analyst day. Importanlty, J.C. Penney sees 3Q comp sales up low-single digits vs prior guidance of mid-single digits. Consensus is around 5%.

J.C. Penney reaffirms outlook for FY comp sales up mid-single digits, and it still sees being cash flow positive.

Total revenue is seen at $14.5 billion in 2017.

J.C. Penney plans to be disciplined on promotions over the holidays.

Over time it sees gross margin returning to 37-39%.

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