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J.C. Penney

(JCP) - Get J. C. Penney Company, Inc. Report

posted third-quarter losses amid weakened sales at its department stores, but its results still beat analysts' expectations.

The fashion and drugstore retailer lost $23 million, or 12 cents a share, down from earnings of $142 million, or 51 cents a share, in the same period last year. A

First Call/Thomson Financial

poll of 11 analysts had estimated a loss of 14 cents for the quarter.

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Quarterly revenue fell to $7.74 billion, from $7.83 billion last year, as revenues at the company's

JC Penney

department stores and catalog and


drugstores fell.

J.C. Penney, which warned earlier this month of a larger-than-expected third-quarter loss, said same-store sales at its department stores fell 3.7%, while same-store sales at Eckerd drugstores rose 9.1%.

In February, the Plano, Texas-based retailer announced it was cutting more than 2,200 jobs and closing 306 under-performing stores. It also hired retail turnaround specialist Allen Questrom in July as its CEO.