J.C. Penney Warns of Poor Results as It Slashed Prices on Slow-moving Merchandise

(This story is being updated.) J.C. Penney cut its outlook for full-year results on Friday saying it accelerated markdowns in the third quarter ended in October to move out slow-moving apparel, primarily in women's. The company said it now expects 2017 comparable store sales to be flat or down 1 percent versus its most recent guidance for sales to be up as much as 1 percent. Penney also slashed adjusted earnings per share.Penney's early read on the third quarter could drag down other department store stock prices. Plano-based Penney will report third quarter results on Nov. 10. Twitter: @MariaHalkias  Continue reading...