JCPenney earnings, sales fall in 3Q

PLANO, Texas JCPenney reported earnings per share from continuing operations of 55 cents for the third quarter ended Nov. 1, compared with $1.17 in last year’s third quarter. Net income for the 2008 third quarter was $124 million versus $261 million last year.

During the third quarter, total sales decreased 8.7%. Comparable-store sales decreased 10.1%, which was in line with the company’s revised guidance for a low-double digit decrease. The best sales performance was in women’s and children’s apparel and family shoes, with continued weakness in home and fine jewelry.

For the fourth quarter, JCPenney expects total sales to decrease 7% to 9%. Comparable-store sales are expected to drop between 9% and 11%. The company anticipates earnings of  approximately 90 cents to $1.05 per share.