J.C. Penney posts flat 2Q profits

NEW YORK (AP) ? J.C. Penney Co. is reporting a flat second-quarter profit as the department store retailer was forced to aggressively mark down prices on fashions to get its middle income shoppers to spend in an increasingly uncertain economy.

The retailer is also issuing third-quarter profit guidance that was below Wall Street estimates.

The department store chain says that its net income was $14 million, or 7 cents per share, for the three months ended July 30. That compares with $14 million, or 6 cents per share.

Analysts has expected higher earnings of 10 cents a share.

Revenues edged down slightly to $3.91 billion from $3.94 billion in the year-ago period.

Analysts expected revenue of $3.91 billion.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-08-12-US-Earns-JC-Penney/id-f42be74a37bc4dbd8e8e410eced490ba

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