JCPenney (JCP) Announces September Same-Store Sales Drop 4.6%

JCPenney (NYSE: JCP) reported September same-store department sales decreased 4.6 percent, a number below management's most recent guidance for a low-single digit sales increase. JCPenney also offered updated guidance for October sales and 3Q earnings: Comparable department store sales are expected to increase low- to mid-single digits, and reflect a major promotional event in the first week of November that will be included in this year's October reporting period. For earnings per share, JCPenney now expects the third quarter to be in the range of $1.00 to $1.04 per share, compared to the previous guidance of $1.28 per share that had been included in full year earnings guidance.

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