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Penney reports 5.2% profit drop in 4Q | Bryan/College Station ...
NEW YORK -- J.C. Penney Co. posted fourth-dwelling-place profits that surpassed its expectations and issued an buoyant predict for 2010 on Friday following a celebration age where it did all it could to circumvent authorization discounting.
The control's fourth-house profit floor 5.2 percent, dragged down by a big expense for its dismiss representation. However, by reducing furlough inventory and sticking to planned promotions, the institution boosted its entire profit frontier from a year ago, Chairman and CEO Myron Ullman III told investors during its colloquy call.
Penney expects 2010 to be a best year, forecasting sales and profit increases and vowing to escalating shop ration as the retailer stocks up on select brands like Liz Claiborne and Mango, a European way tag.
"I don't count on a knee jiggle pop-up in consumer nerve. I don't suppose there are a lot of factors out there that would say the guy is likely to assert supremacy," Ullman told investors. "I dream up what we're saying is we see opportunities where the consumer is responding."
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