J.C. Penney Co. Inc. (NYSE: JCP) narrowed its fourth-quarter and full-year guidance Thursday after reporting slightly better-than-expected December sales, according to Associated Press.
Despite the December sales, the new outlook falls below analysts' average estimates.
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The company said it now expects to earn between 77 cents and 82 cents per share in the fourth quarter and post a full-year profit between $1 and $1.05 per share. In November, the company said it would likely earn between 70 cents and 85 cents for the quarter and 93 cents to $1.08 per share for the full year.
Analysts have forecast quarterly profit of 83 cents per share and full-year earnings of $1.06 per share, on average.
The department store retailer said its sales at stores open at least a year fell 3.8 percent in December, but the decline was slightly less than the 4 percent drop that analysts had estimated. January sales at stores open at least a year are expected to drop 5 percent to 8 percent, compared with a 16.4 percent decline in the year-ago period.
Shares of J.C. Penney fell $1.03, or 3.7 percent, to $26.59 in morning trading.
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