J.C. Penney reported a 78 percent drop in its third quarter earnings, attributing the drop to the large expense for its pension plan.
Despite the earnings drop, the department store upgraded its profit and sales outlook because it is selling more goods at regular price and seeing less clearance discounting. Still, sales are weak.
The Texas-based retailer announced today that it earned $27 million, or 11 cents per share, for the period ended October 31. One year ago, those numbers were $124 million, or 56 cents per share.
Retailers Macy's and Kohls also reported losses this week.
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