UPDATE: J.C. Penney Posts Wider Q3 Loss

J.C. Penney Co

reported a wider third-quarter loss. J.C. Penney posted a quarterly loss of $489 million, or $1.94 per share, versus a year-ago loss of $123 million, or $0.56 per share. Excluding items, the company lost $1.81 per share. Its sales fell 5.1% to $2.78 billion from $2.93 billion. However, analysts were expecting a loss of $1.74 per share on sales of $2.8 billion. J.C. Penney's comparable sales declined 4.8% in the quarter; versus analysts' expectations for a 4.7% fall. J.C. Penney shares gained 6.20% to $9.25 in pre-market trading.