NEW YORK (AP) — J.C. Penney Co. says it had a loss in the third quarter as the department store operator’s results were weighed down by restructuring costs and management transition charges.
It also offered a fourth-quarter outlook that was below what analysts expected.
Its shares dropped 2.7 percent to $33.01 in premarket trading.
Penney said it lost $143 million, or 67 cents per share, for the three months ended Oct. 29. That compares with net income of $44 million, or 19 cents per share, in the year-ago period.
It says its adjusted earnings without the one-time items was 11 cents per share. That topped the 9 cents per share that analysts expected.
Revenue slipped almost 5 percent to $3.98 billion from $4.19 billion largely reflecting the discontinuation of its catalog business. That was in line with analysts’ expectations.
Source: Anne D’Innocenzio – AP
