J.C. Penney Profits Plunge - NBC 5 Dallas-Fort Worth

J.C. Penney Profits Plunge

Plano retailer fighting sales slump



    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.