J.C. Penney slashes 2017 earnings forecast

Oct 27 (Reuters) - U.S. department store chain J.C. Penney Co Inc slashed its 2017 earnings forecast on Friday, saying it sold off stagnant inventory by discounting heavily.

The company's shares fell 6 percent in premarket trading.

J.C. Penney cut its forecast for 2017 adjusted earnings to 2 cents to 8 cents per share from 40 cents to 65 cents. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sai Sachin Ravikumar)