J.C. Penney CEO: We'll Rise in the Fall

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. ...