J.C. Penney sees sales falling in 2020

J.C. Penney joined the parade of traditional retailers reporting weak holiday results, and it sees lackluster sales for the year. The 117-year-old department store chain's quarterly profit, same-store sales and revenue slid.

But strength in its women's apparel business enabled those results to beat analysts targets. That's the area CEO Jill Soltau is focusing on as her struggling company shut down unprofitable stores and stopped selling appliances. The company also aims to lure younger shoppers, and it's testing a new store model that includes a yoga studio and a videogame lounge.

J.C. Penney expects its comparable store sales to fall again this year, shrinking 3.5% to 4.5%. While that's slower than last year's decline, it's a sharper decline than Wall Street expected. And that forecast does not account for any potential impact from the coronavirus outbreak, which Soltau said is "too early to quantify."

J.C. Penney shares fell at the market open Thursday, deepening their nearly 35% loss this year.