Struggling retailer J.C. Penney Co (JCP) cut its current-quarter same-store sales forecast, citing lower sales in September, sending its shares down sharply.
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The department store chain said it expected low-single digit percentage growth in same-store sales in the third quarter. The company had earlier forecast mid-single digit growth.
The company said it cut its forecast due to lower levels of clearance in September, compared to the same month last year, and a "continued difficult retail environment."
J.C. Penney's shares were down 10.6 percent at $8.22 in early afternoon trading.