J.C. Penney Profits Plunge

Plano retailer fighting sales slump

Friday, Nov 14, 2008  |  Updated 11:39 AM CDT
View Comments (
)
|
Email
|
Print
J.C. Penney Profits Plunge

Associated Press

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

advertisement

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.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Get NBCDFW on Mobile!
Get NBCDFW's free news and weather... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out