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J.C. Penney's holiday comparable sales decline 7.5%

J. C. Penney Co. Inc. on Jan. 9 reported a decline in holiday season sales.

The company's comparable-store sales fell 7.5% during the nine-week period that ended Jan. 4.

The department store operator posted a 5.3% decline in its adjusted comparable store sales, which exclude the impact of the company's exit from major appliance and in-store furniture categories.

Meanwhile, Texas-based J.C. Penney reaffirmed its financial guidance for fiscal 2019. The company expects its comparable sales to decline between 7% and 8%. Adjusted comparable sales are expected to drop between 5% and 6%.

Adjusted EBITDA for fiscal 2019 is expected to exceed $475 million.