J.C. Penney: Sour news on profits

J.C. Penney said Thursday that third-quarter profits tumbled 9 percent and warned that its earnings for the full year would fall below original estimates.

Plano, Texas-based Penney reported net income of $261 million, or $1.17 a share for the third quarter, down 9 percent from $287 million or $1.26 a share a year ago.

Excluding a tax benefit of 14 cents per share, profits came in at $1.03, a share, beating analysts' consensus estimates of $1.01 a share, according to earnings tracker Thomson Financial.

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- Posted: 2007-11-15 09:59:51

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