After a difficult second quarter last year, J.C. Penney Co. reported a profit of $14 million this year, or 6 cents a share, as the department store chain plays catch-up with larger rivals Macy’s Inc. and Kohl’s Corporation. Comparative store sales were up 0.9 percent.
In a conference call with analysts last Friday, CEO Myron Ullman III said that J.C. Penney customers “tend to be more urban, more ethnic, and more impacted by the economy than many others in the overall retail landscape,” and are more affected by swings in the overall economy.
The company has cut its earnings forecast for the rest of the year, from $1.64 per share to between $1.40 and $1.50 per share, sending its stock down 2 percent last Friday. J.C. Penney, which is based in Texas, operates around 1,100 stores throughout the United States.
