JC Penney shares sink 17% after slashing earnings forecast

© Reuters.  © Reuters.

Investing.com – Shares in JC Penney (NYSE:) tumbled in pre-market trade Friday after the troubled department store chain slashed its 2017 earnings forecast.

JC Penney explained that it had sold off stagnant inventory at large discounts and thus cut its full-year guidance for adjusted earnings-per-share to $ 0.02 to $ 0.08 from the prior range of $ 0.40 to $ 0.65.

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