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Business Briefing / Earnings

J.C. Penney issues a weak forecast

August 15, 2009|Times Wire Reports

J.C. Penney Co. has issued a third-quarter forecast that trailed analysts' estimates as sales continue to decline.

Results in the current quarter may range from a loss of 5 cents a share to a profit of 5 cents, the Plano, Texas-based company said. Analysts had anticipated a 13-cent profit.

J.C. Penney broke even in the second quarter on a per-share basis, topping the 1-cent loss it had anticipated.

The second-quarter net loss of $1 million compares with a profit of $117 million, or 52 cents a share, a year earlier, J.C. Penney said. Revenue fell 7.9% to $3.94 billion.

J.C. Penney shares fell $2.05, or 6.2%, to $31.29

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