Shares of retailer JC Penney are tanking Friday morning after the company painted a gloomy outlook for the rest of 2016.
The company posted a loss of -$0.22 per share against analyst expectations of -$0.30 a share. Sales, however, fell far short of expectations, generating $2.81 billion, just shy of the projected $2.92 billion. Comparable store sales also declined -0.4% against analyst expectations of a 3.3% increase.
