J.C. Penney 3Q Profit Falls by More Than Half

Consumers cut back on spending, take less trips to malls

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    Third-quarter profit at J.C. Penney fell by more than half as consumers cut back on spending and took less trips to the mall amid a deteriorating economic climate, the company said.

    Profit for the three months ended Nov. 1 fell 52 percent to $124 million, or 56 cents per share, from $261 million, or $1.17 per share last year, the department-store operator said.

    Revenue fell 9 percent to $4.32 billion from $4.73 billion last year, Plano, Texas-based J.C. Penny said.

    Analysts surveyed by Thomson Reuters expected a profit of 53 cents per share on revenue of $4.39 billion.

    Sales in stores open at least one year fell 10.1 percent.

    The company expects fourth-quarter earnings from 90 cents to $1.05 per share, below the $1.32 per share analysts are predicting.