J C Penney Company today reported a loss of $0.12 per share, before the effects of non-comparable items, for the third quarter ended October 28, 2000. Including these non-comparable items the net loss was $30m, or $0.15 per share, compared with net income of $142m, or $0.51 per share, in last year's third quarter.

JCPenney Stores and Catalog
Operating profit totaled $81m for the quarter compared with
$226m last year. Department store sales declined 3.7 per cent for comparable stores, those open at least one year. Catalog sales decreased 5.4 per cent from last year's period. E-commerce sales, which are included as a component of catalog sales, totalled $73m this quarter, compared with $20m last year. Gross margin declined principally as a result of higher levels of markdowns associated with clearance activities. SG&A expense dollars declined for the third quarter.