Shares of J.C. Penney slumped Friday after the department store chain wrestled with sluggish sales, particularly in apparel.
Shares fell more than 8 percent in premarket trading.
The report is a setback for Penney, whose business like other retailers has been volatile, bouncing back in the summer after a tough start to the year.
Penney is trying to recover from a catastrophic reinvention plan under former CEO Ron Johnson that sent sales and profits into a free-fall in 2012 and 2013. Business stabilized under Mike Ullman, who came to the helm in 2013 after Johnson was pushed out. Under Marvin Ellison, who has been CEO since 2015, Penney is looking for new ways to increase sales while playing catch up in e-commerce.
Like other department stores, J.C. Penney is trying to adjust to changing shopping patterns. Consumers are shifting their spending away from clothing and toward experiences like beauty treatments or toward furnishing their home. And when they do pick up clothing, it’s more often at off-price stores or online as Amazon moves more into apparel.