Sales Slide at J.C. Penney and Abercrombie

J.C. Penney said Friday that first-quarter profit declined 79 percent in part because of a large pension expense and that it would miss analysts’ earnings estimates for the year.

The retailer, based in Plano, Tex., earned $25 million, or 11 cents a share. That compared with $120 million, or 54 cents a share, a year ago. Analysts polled by Thomson Reuters had forecast profit of 10 cents a share.

Sales dropped 6 percent to $3.88 billion, from $4.13 billion. Sales at stores open at least a year, known as same-store sales, fell 7.5 percent partly on weakness in Penney’s fine jewelry business.

Read Full Article from New York Times

- Posted: 2009-05-15 10:34:21

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