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J.C. Penney slashes 2017 earnings forecast
October 27, 2017 / 11:08 AM / 24 days ago

J.C. Penney slashes 2017 earnings forecast

Oct 27 (Reuters) - U.S. department store chain J.C. Penney Co Inc slashed its 2017 earnings forecast on Friday, saying it sold off stagnant inventory by discounting heavily.

The company’s shares fell 6 percent in premarket trading.

J.C. Penney cut its forecast for 2017 adjusted earnings to 2 cents to 8 cents per share from 40 cents to 65 cents. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sai Sachin Ravikumar)

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