Shares of J.C. Penney Company Inc. (NYSE:JCP) tumbled Friday in pre-market trading after the big department store chain's second-quarter earnings swung to a loss on falling sales, and the company cut its outlook for fiscal 2012.
The Plano, Texas-based company reported a loss of 37 cents per share or, adjusted one-time items, 19 cents per share. Standard & Poor's Capital IQ had forecast a profit of seven cents per share, adjusted for one-time items. Same-store sales or sales from stores open at least one year were down 22 percent for the three months ended July 28.
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J.C. Penney Company Inc. said it no longer expects it will be able to meet its previously stated guidance for the full fiscal year.
Shares fell $1.95, or 8.91 percent, to $20.07 in premarket trading.
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