Department store group JC Penney reported a net loss of $123m (£77.5m) for its third quarter to October 27, a 14% improvement from $143m (£90.1m) in the comparable period in 2011.

Net sales declined by 26.6% to $2.93bn (£1.85bn) from $3.99bn (£2.51bn), while like-for-likes fell 26.1%. During the quarter the retailer opened seven stores including four new branches and three relocations.

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