J C Penney Company Inc (NYSE:JCP) took a beating today following an update to its outlook.

A statement from J C Penney Company Inc confirms that it is lowering its outlook for the third quarter of the year. The company is now expecting losses per share for the quarter to range from 45 cents to 40 cents. This is terrible news for JCP stock as Wall Street is looking for losses per share of 18 cents during the third quarter of 2017.

The bad news for JCP stock continues with an update to its guidance for the full year of 2017. J C Penney Company Inc is expecting earnings per share for the year to range from 2 cents to 8 cents. Analysts are estimating earnings per share of 43 cents for the year.

J C Penney Company Inc also updated its comparable store sales guidance. When it comes to comparable stores sales in the third quarter of 2017, JCP is expecting an increase between 0.6% and 0.8%. However, its comparable store sales for 2017 will be down 1% to even.

J C Penney Company Inc also notes that it is expecting cost of goods sold for the third quarter of 2017 to increase by 300 basis points to 320 basis points. Cost of goods sold for the year are set to be up by 100 basis points to 120 basis points.

J C Penney Company Inc’s update to its guidance comes shortly before the release of its third-quarter earnings reports. It will be releasing its earnings report for the third quarter of the year on Friday, Nov. 10 at 7:30 a.m. Eastern Time.

JCP stock was down 14% as of Friday morning and is down 62% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.