• November 13, 2009

JC Penney Co. says its third-quarter ended "significantly" above expectations, and as a result, it's upping its forecast for the all-important fourth quarter. Net income fell to $27 million from $73 million in the same period a year ago, while sales fell 3.2% to $4.18 billion.

On a comparable-store basis, sales fell 4.6%; shoes and women's apparel were strong sellers, while jewelry was weakest. JC Penney Co. expects its strategy, which includes "compelling" promotions, "to be particularly effective in the fourth quarter," the company says in a release, adding that it now expects to see a comparable-store sales decline of between 4 to 6% for the quarter.

For the full year, that means a comparable-store sales slide of 7 to 7.5%.--Sarah Mahoney