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.
Quarterly revenue fell to $7.74 billion, from $7.83 billion last year, as revenues at the company's
department stores and catalog and
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.