NEW YORK (TheStreet) -- Shares of J.C. Penney (JCP) are lower Friday after the retailer revised its sales expectations for the 2016 full year.

In its third-quarter earnings report, released earlier Friday, the company announced expectations for a 1% to 2% increase in sales. Previously J.C. Penney had guided for a 3% to 4% growth.

J.C. Penney reported a loss of 21 cents per share for the third quarter, in line with analysts' expectations. Revenue of $2.86 billion fell short of the $2.95 billion that was predicted.

Steven Ruggiero, head of research at R.W. Pressprich, has a buy rating and a $14 price target on J.C. Penney stock. Shares are currently at $8.80. On Bloomberg Markets: Americas Friday he discussed the company's struggles and its recent bounce back.

"They're focused on three strategies," he said of Penney. "Omni-channel, which most all big box retailers are focused on now and need to be. They're also focused on their private label, which has differentiated them in the past, it's roughly with exclusives about 54% of their sales and they're looking to take that up to 70%."

As J.C. Penney moves forward with its private label, it will help the company's gross profit margins and offers customers a unique product. Finally, the company is focusing on its revenue per customer metric and its BOPUS initiative, which stands for buy online, pickup in store.

The initiative went live in August of this year and there has been high attachment rates associated with that, Ruggiero noted.

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