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Penney's results capped a volatile week for department stores
ahead of the all-important holiday shopping season, a period
that historically has accounted for about a third of their
annual sales and almost 40 percent of earnings.
Macy's Inc and Nordstrom Inc, whose customers tend to be more
affluent than Penney's, both cut their full-year forecasts this
week after reporting disappointing results.
However, Kohl's Corp, which competes more closely for the same
customers as Penney, reported better-than-expected profit and
sales.
J.C. Penney's net loss narrowed to $137 million, or 45 cents per
share, in the third quarter ended Oct. 31, from $188 million, or
62 cents per share, a year earlier.
Net sales rose 4.8 percent to $2.90 billion.
Analysts on an average had expected revenue of $2.88 billion,
according to Thomson Reuters I/B/E/S.
J.C. Penney reported earlier this week that its same-store sales
rose 6.4 percent in the quarter, the biggest jump in more than
nine years.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio
D'Souza and Ted Kerr)
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