JCP - Here's Why Shares of J.C. Penney Are Down Today
Shares of J.C. Penney (NYSE: JCP) traded down more than 11% on Thursday after the struggling retailer reported weak holiday sales. The results were actually within range of what the company had expected, but investors were disappointed to see sales decline during the key holiday season.
Before markets opened Thursday, the retailer reported that holiday comparable-store sales fell 7.5% year over year, or down 5.3% when adjusted for the impact of the company's exit from the major appliance business and other categories. J.C. Penney reaffirmed its full-year guidance for comps to be down 7% to 8%, and said it expects adjusted EBITDA to exceed $475 million.
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