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J.C. Penney reports hike in 3Q sales

PLANO, Texas — J.C. Penney reported stronger-than-expected sales for the third-quarter, but the department store’s failure to raise its forecast for the year appeared to add to worries that the holiday season could turn out to be a dud for retailers.

The company’s results follow disappointing sales this week from Macy’s and Nordstrom, which both cut their outlooks for the year citing softer sales trends. Macy’s blamed its sales decline in the third quarter partly on warmer than normal weather, which it said hurt sales of items like coats and boots.

As a result, Macy’s CEO Terry Lundgren also said the company would need to mark down items during the holiday season to get rid of its merchandise by the end of year. It said that would result in lower sales and gross margin in the fourth quarter, compared to a year ago.

J.C. Penney fared better than its peers in the third quarter, with sales up 6.4 percent at established locations. Yet the company maintained its full-year forecast for sales to climb between 4 and 5 percent.

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