Shares of J.C. Penney JCP -2.84% took a beating Friday after the department store chain reported an unexpected sales decline and slashed it full-year sales forecast, raising new concerns about the viability of its turnaround.
The retailer said comparable sales fell 0.8%, while Wall Street was expecting them to rise 2.7% according to Consensus Metrix. What’s more, J.C. Penney now expects them to only be up between 1% and 2% for the fiscal year ending in January, which is way down from the 3% to 4% range it had previously given, suggesting softer expectations for the key holiday season that has just begun.
