More on J.C. Penney's (JCP) Q3: Comparable-stores sales plunged 26.1% as the company continues...

|About: J.C. Penney Company Inc. (JCP)|By:, SA News Editor

More on J.C. Penney's (JCP) Q3: Comparable-stores sales plunged 26.1% as the company continues to shift to a shops concept. Internet sales plummeted 37.1% to $214M. Gross margin fell 520 bps to represent 32.5% of sales. The company's defense is that the performance of its new brands and shops "reinforces" its conviction to transform the company into a specialty department store. Shares -12.2% premarket. (PR)