Penney Lowers September Sales Forecast
The news came as the company lowered its estimate for September sales at department stores open at least a year. J.C. Penney, Plano, TX, told investors in a recorded message that it expects same-store sales to fall in the low single digits. Previously, the company had predicted flat or slightly higher September sales.
The company blamed the lowered estimates on weak sales of seasonal items like outerwear and sweaters.