Shares of J.C. Penney are plunging after the company withdrew profit guidance and lowered its sales expectations for the year.

The company on Thursday reported a loss of $151 million in its third quarter, or 48 cents per shares. Losses, adjusted for one-time gains and costs, were 52 cents per share, which is a nickel better than analysts had expected, according to a survey by Zacks Investment Research.

Revenue of $2.73 billion fell short of Wall Street expectations of $2.81 billion.

FILE - In this May 16, 2018, file photo, the J.C. Penney logo is seen hanging outside the Manhattan mall in New York. J.C. Penney Co. reports earnings on Thursday, Nov. 15. (AP Photo/Mary Altaffer)
FILE – In this May 16, 2018, file photo, the J.C. Penney logo is seen hanging outside the Manhattan mall in New York. J.C. Penney Co. reports earnings on Thursday, Nov. 15. (AP Photo/Mary Altaffer)

Shares of J.C. Penney Co. tumbled 10 percent before the opening bell, to $1.10.

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Source: The Associated Press

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