Business

Market Movers

Penney slumps on holiday sales forecast

Sales at Penney stores opened at least a year fell 26 percent in its third quarter.

Shannon Stapleton/Reuters/File

Sales at Penney stores opened at least a year fell 26 percent in its third quarter.

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J.C. Penney Co. shares slid after UBS said holiday sales would likely be worse than expected and it questioned the retailer’s ability to roll out new shops on schedule. Penney last January revealed a turnaround plan that eliminated most coupons and sales events, and transformed its 700 largest stores into a collection of 100 shops.
But customers balked, leading to a dramatic loss in business. Penney is expected to report quarterly results in late February.

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