Retail stocks drop as J.C. Penney's forecast comes up shy

Retail stocks headed lower Friday after J.C. Penney Co.'s profit forecast fell short of Wall Street expectations, but Abercrombie & Fitch Co. shares rose as quarterly results reported by the teen-clothing retailer topped forecasts on an adjusted basis.

The S&P Retail Index /quotes/comstock/10u!rlx.x (RLX 361.44, -6.46, -1.76%) fell 0.7% to 365.49, tracking the broader markets.

Shares of J.C. Penney /quotes/comstock/13*!jcp/quotes/nls/jcp (JCP 31.69, -1.65, -4.95%) dropped 4%. The retailer swung to a second-quarter loss of $1 million, breaking even on a per-share basis. This topped the projection that the retailer had previously revised higher.

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- Posted: 2009-08-14 10:16:22

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