WASHINGTON (dpa-AFX) - J. C. Penney Company, Inc. (JCP) said late Wednesday that it now expects third quarter same-store sales to be in the low-single digit range, compared to its original guidance of mid-single digit growth.
The company noted that it revised its third quarter sales guidance to reflect softer selling than expected during the month of September due to lower levels of clearance compared to last year and the continued difficult retail environment.
The Company reaffirmed all other guidance for the third quarter and full fiscal year 2014, which includes delivering mid-single digit same-store sales growth and positive free cash flow for the year.
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