J.C. Penney (jcp, -4.85%) has cut about 360 jobs in its latest round of layoffs and reported less-than-stellar holiday season results that renewed worries about its prospects, sending shares plunging.
The company said comparable sales, a measure that excludes the 100-plus stores Penney has closed in the last year, rose 2.6% during the three months ended Feb. 3, its busiest quarter of the year. That was below the 2.9% analysts expected. Penney also forecast comparable sales would be unchanged to up 2% at most this year.
Shares fell 8% in premarket trading, on top of their 10% decline on Thursday.
Penney, looking to steady its finances after reporting a loss of $116 million in its last fiscal year, also announced it was eliminating 130 positions at its headquarters in Plano, Texas, just the latest round of layoffs in recent years, as well as cutting 230 jobs at the store and regional level. Penney last year shuttered 138 stores and recently announced it was closing a distribution center.