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Thursday, November 05, 2009
J.C. Penney Same-store Sales Fall 4.5%
By Val Brickates Kennedy
MarketWatch Pulse
NEW YORK -- J.C. Penney Company said Thursday that its October sales at stores open at least one year fell 4.5%. Analysts, on average, had expected same-store sales to fall 2.3%, according to Thomson Reuters. Total sales for the four weeks ended Oct. 31 fell 3.5% to $1.31 billion. The retail giant said it now sees comparable store sales for the four-week period ending Nov. 28 decreasing 4% to 7% from last year's period. Third-quarter earnings should come in between 10 cents and 11 cents a share, including a charge of approximately 3 cents a share for real estate impairments. The company's most recent forecast was for third-quarter earnings in the range of 3 cents to 10 cents a share.
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