14506 Thu, 05/15/2008 - 11:55am
PLANO, Texas–J.C. Penney cut its net income in half in the first quarter ended May 3, as most home businesses were soft.
Net income for the quarter decreased 49.6 percent to $120 million.
Total sales decreased 5.1 percent to $4.12 billion. Comparable-store sales dropped 7.4 percent.
“Our financial performance in the first quarter was clearly impacted by the weakened consumer environment,” said Myron Ullman, chairman and chief executive officer, in a statement. He said he expects conditions to remain difficult throughout the year.
At its April analyst meeting, J.C. Penney said it would cut back store openings and renovation plans, and aggressively control operating expenses.