Posted AT 11:29 AM EDT on 28/03/08
J.C. Penney cuts outlook; shares tumble
NEW YORK — Department store operator J.C. Penney Co. Inc. Friday cut its first-quarter earnings forecast and said it expects the environment to remain difficult throughout 2008, stoking fears that the second half of the year will not bring relief to struggling U.S. retailers.
“We believe that investors had generally anticipated weak performance from retailers in the first half” of 2008, wrote Sanford C. Bernstein analyst Uta Werner.
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