NEW YORK (TheStreet) -- Shares of J.C. Penney Co. (JCP) continues to tumble, down 7.54% to $7.18 on heavy trading volume Thursday, after the company forecast lower than expected comparable store sales growth guidance following its third quarter earnings miss.
J.C. Penney expects comps to grow in the range of 3.5% to 4.5% for full year 2014, falling lower than analysts' estimates of a 5% growth in comps during the period.
Watch the video below for a closer look at J.C. Penney's latest quarterly results:
The company 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.
About 45.6 million shares of J.C. Penney traded hands as of 3:00 p.m., compared to the average trading volume of about 20.4 million shares per day.
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: