J.C. Penney Profits Plunge

Plano retailer fighting sales slump

Friday, Nov 14, 2008  |  Updated 11:39 AM CDT
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J.C. Penney Profits Plunge

Associated Press

JC Penney reported sluggish sales as customers cut back on spending.

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

The department-store operator says 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.

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

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.

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