JC Penney shares hit all-time lows as company yanks forecast

In the retail world, it’s the best of times and the worst of times.

Count JCPenney in the latter category.

Plano, Texas-based Penney threatened to drop into penny stock territory on Thursday — falling 12 percent in early trading — to $1.05 after reporting an abysmal third quarter in which revenues declined 5.8 percent, to $2.65 billion, and comparable sales fell 4.5 percent.

What’s more, the chain lowered its sales guidance for the year and withdrew its earnings guidance — in the midst of the all-important holiday season.

The dismal performance comes at a time when other retailers, including Walmart and Macy’s, are finding a way to beat the odds and earn Wall Street’s confidence.

Shares of Penney closed up 14 cents for the day, at $1.36.

The consumer is literally on fire,” Gerald Storch, chief executive of Storch Advisors and a former CEO of several big-box retailers, told The Post. “If companies are performing poorly in this economy, it’s [on] them.”

“Penney’s will have to make incredibly fast changes. Otherwise they’ll follow Sears,” which filed for bankruptcy protection a month ago, Storch said.

But where the clock ran out on Sears, Penney’s has some wiggle room to get it right, said Debtwire senior analyst Philip Emma.

Penney’s, led by newcomer CEO Jill Soltau, has enough liquidity and can raise more cash — it owns the real estate for 404 stores and eight distribution centers. And the first major payment on its $4.4 billion debt does not come due until 2023.

“Whether they can reverse the slide they are on is one thing,” Emma told The Post, “but they have the financial stability to see them through another few years.”

Meanwhile, Walmart made tremendous strides over the past several months, giving the world’s largest retailer confidence to raise its sales and earnings guidance for the year.

“We have momentum in the business as we execute our plan and benefit from a favorable economic environment in the US,” said Walmart CEO Doug McMillon in a prepared statement. The Bentonville, Ark.-based company now expects comparable sales to be at least 3 percent for the year ending Jan. 25, 2019, and earnings to be $4.75 to $4.85 — a 10-cent increase for both estimates.

Walmart comparable sales increased 3.4 percent for the quarter.

Largest department store chain Macy’s was also buoyed by strong sales and raised its guidance.

Macy’s 3.1 percent increase in comparable sales, reported earlier this week, was a stark contrast to JCPenney’s 5.8 percent decline.