November 15, 2018 / 12:43 PM / a month ago

J.C. Penney same-store sales miss estimates by big margin

Nov 15 (Reuters) - J.C. Penney Co Inc’s quarterly comparable-store sales fell well short of analysts’ estimates on Thursday, as the department store chain was forced to offer more discounts in the fight to keep customers from defecting to online stores.

The Plano, Texas-based company said on Thursday sales at stores open for at least 12 months fell 5.4 percent in the third quarter ended Nov. 3. Wall Street analysts on average had expected a 0.61 percent decline, according to IBES data from Refinitiv.

Its net loss widened to $151 million or 48 cents per share, from $125 million or 40 cents per share a year earlier.

J.C. Penney also withdrew its annual earnings forecast, to give its new chief executive officer and interim chief financial officer more time to assess the business. (Reporting by Aishwarya Venugopal in Bengaluru)

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