J.C. Penney Down 2% Despite Earnings Beat (JCP)

J.C. Penney Company, Inc. JCP is down nearly 2% in pre-market trading, despite reporting better than expected earnings, and raising full year guidance. J.C. Penney reported earnings of 19 cents per share in the third quarter, on revenues of $4.19 billion. Same store sales rose 1.9%. Wall Street expected 17 cents per share in earnings. The Plano, Texas–based company said it expects to earn 90 cents to $1 a share, while analysts expect 93 cents a share in the fourth quarter. “As we enter the fourth quarter and [the] all-important holiday season, our gift assortment is better than ever, including many exciting styles under our new brands,” said Mike Ullman, CEO. “We expect the environment to remain highly promotional.” At last check, shares were off 51 cents to $31.71 in pre-market.