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J.C. Penney 3Q Profit Down


Plano, Texas, J.C. Penney Co. said Thursday its third-quarter profit fell 9%, hurt by weak sales in September and October, and the department store operator slashed its fourth-quarter outlook.

Earnings for the quarter ended Nov. 3 fell to $261 million from $287 million during the same period last year. Revenue fell 1% to $4.73 billion from $4.78 billion last year. Meanwhile, same-store sales fell 3.5%.

The company said sales were good in early fall, but weakened "dramatically" in September and October, hurt by a difficult retail environment for consumers and unseasonable weather.

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