More Pain For J.C. Penney

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More Pain For J.C. Penney

By Zacks Investment Research on November 15, 2008 | More Posts By Zacks Investment Research | Author's Website

J.C. Penney Inc (JCP) reported a 52% decline in quarterly profit, as fewer shoppers visited malls, and warned that the downturn was expected to continue well into 2009. Net income in the third quarter was $124 million, or 55 cents per share. Gross margin fell to 38.5% from 39.7% during the period.

Looking forward to a lackluster holiday shopping season, J.C. Penney forecast fourth-quarter earnings of 90 cents to $1.05, much lower than consensus forecast of $1.36 per share. The Plano, Texas-based company also expects quarterly same-store sales to fall 9% to 11%.

While J.C. Penney shares dropped 9% to $17.61 in late noon trade on Friday, the Commerce Department said that U.S. retail sales shrunk 2.8% in October, the largest fall ever.

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