• November 14, 2011

JCPenney reported a net loss of $143 million for the third quarter and a 4.8% dip in sales, and says the weak economy is hampering its middle-income customers. Adjusted net income was $24 million. “While our more affluent customers continued to respond well to jcpenneys attractions,”

executive chairman Myron E. (Mike) Ullman, III, says in a release, “the moderate customer continues to have limited discretionary spending capability, and that was apparent during the quarter.”

Comparable sales for the period slipped 1.6% and even Internet sales fell, declining 5.4% to $341 million.

The Plano, Tex.-based company says lowered marketing expenses helped it rein in costs. And while the retailer says it is looking forward to its “exciting marketing plans” for the holidays, it is forecasting comparable store sales will be flat to up slightly in the fourth quarter.