J.C. Penney Reports Loss, Predicts Lackluster Holiday Sales

J.C. Penney Co. reported today a loss of $143 million for the quarter ending Oct. 29, compared with a profit of $44 million for the same period last year. Sales dropped 4.8 percent in the third quarter, due in part to the company’s exit from its catalog and catalog outlet business, which it sold off during the quarter. The company now predicts lackluster holiday sales, with same-store sales flat to up slightly during the holiday quarter.