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The
company's shares fell as much as 5.8 percent to $7.40 in
premarket trading on Friday.
Rivals Macy's Inc and Kohl's Corp <KSS.N> too posted declines in
same-store sales during the crucial holiday selling period on
Thursday, highlighting the struggles department store chains
face amid competition from online retailers.
"The first three weeks of November proved to be challenging in
stores," Chief Executive Officer Marvin Ellison said in a
statement.
Comparable sales, however, improved from Thanksgiving week
through the end of December, driven by demand for products
including appliances, boots and toys, he said.
J.C. Penney maintained its earnings before interest, taxes,
depreciation and amortization (EBITDA) target of $1 billion for
fiscal 2016 ending January 2017.
(Reporting by Siddharth Cavale in Bengaluru; Editing by
Saumyadeb Chakrabarty)
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