JCPenney's new CEO says ending losses will be a 'lengthy process'

The department store reported a loss of $151 million for the third quarter, which was smaller than expected.

But the company also reported sales at stores open at least a year tumbled 5.4% in the quarter. It issued new guidance indicating that those sales will continue to decline into the "low single digits" this year. It had previously estimated full-year sales would be flat.

"While restoring JCPenney to sustained profitable growth will be a lengthy process, I understand the need for quick action," said CEO Jill Soltau, who started in the job a month ago. Previous CEO Marvin Ellison left the company earlier this year to run Lowe's.

Despite Soltau's promise to take steps in the near term to turn around the company, she did not announce any new store closings Thursday.

Shares of JCPenney (JCP) fell 12% in pre-market trading on the news, reaching a record low. Shares had already tumbled more than 60% so far this year ahead of Thursday's decline.