J.C. Penney wasn’t able to buck the trend of declining sales at U.S. department store chains this holiday season. But despite a steep sales decline, it reaffirmed its financial outlook for the year.
The company said its same-store sales over a nine-week period that ended on Jan. 4 dropped 7.5%.
Penney shares were down more than 3% in premarket trading Thursday following the news.
The retailer said that its adjusted same-store sales — which exclude the impact of its exit from major appliance and furniture categories — were down 5.3%.
Penney is still calling for same-store sales — a key metric that monitors sales at retailers’ stores open for at least a year — to drop 7% to 8% in…