NEW YORK (TheStreet) -- Shares of J.C. Penney Co. (JCP) are tanking, down 8.96% to $7.06 in early market trading Thursday, after the department store chain reported mixed third quarter earnings late yesterday, as same store sales were flat in the quarter, compared to the 3% gain analysts expected.
Net sales for the third quarter fell to $2.76 billion from $2.78 billion a year ago, missing analysts' estimates of $2.81 billion.
J.C. Penney reported a loss of 62 cents per share, or $188 million, compared to a loss of $1.94 per share, or $489 million a year ago, and topping analysts' estimates for a loss of 80 cents per share.
Separately, TheStreet Ratings team rates PENNEY (J C) CO as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PENNEY (J C) CO (JCP) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and generally disappointing historical performance in the stock itself."
- You can view the full analysis from the report here: JCP Ratings Report