J.C. Penney (JCP) on Wednesday backed its fourth-quarter outlook after saying it showed progress in its turnaround efforts during the key holiday season.
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However, investors were disappointed the struggling department store did not improve its outlook or provide additional holiday sales data.
In a terse note, Penney simply said it was “pleased” with its holiday performance and that customers “responded well” to its product offerings.
Shares of Penney fell close to 7% to $7.63 in early trade, pushing them down 60% over the last 12 months.
The Plano, Texas-based department store, which has been trying to prove its progress to skeptical investors, said it continues to anticipate year-over-year gains in same-store sales and a decline in selling, general and administrative expenses.
That comes on top of a 10% increase in November same-store sales.