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.
Shares of J.C. Penney Co. tumbled 10 percent before the opening bell, to $1.10.
Source: The Associated Press