Top Business News
J.C. Penney CEO: We'll Rise in the Fall
Jeanine Poggi
06/10/09 - 02:57 PM EDT
J.C. Penney(JCP Quote) is optimistic about 2009 -- and that's is a big statement from a department store, one of the sectors hardest hit by the recession.
At the Reuters Global Retail Summit in New York on Wednesday CEO Myron "Mike" Ullman said the fourth-quarter could hold the most potential for the company, which should start to see the benefit of new style at affordable prices, Reuters reported.
J.C. Penney posted a 8.3% decline in May same-store sales, but this number was slightly less than competitor Macy's(M Quote), which saw a 9.1% drop.
Sales are being driven by off-mall stores, Ullman said at the Reuters conference.
The company's first-quarter profit took a 79% hit, hurt by heft pension expense. J.C. Penney said it anticipates a loss in the second quarter of 15 cents to 25 cents per share.
Regardless of this upbeat news, shares of the department store dipped 2% to $28.47 in afternoon trading.