Embattled retailer JC Penney Company Inc (NYSE:JCP) early today posted worse than expected quarterly earnings, as sales in established stores saw an unexpected downturn.
The Plano, Texas-based company reported a Q3 adjusted net loss of $0.21 per share, which is slightly worse than the $0.20 loss that analysts had expected. Revenues fell 1.4% from last year to $2.86 billion, also missing Wall Street’s view of $2.95 billion.