Friday, November 14, 2008 , Updated
Profits of Plano-based J.C. Penney follow the trend of economy at large by sucking
not provided by J.C. Penney
Inflated with hot air
In a blatant attempt to Scroogify shareholders' holiday outlooks, Plano-based J.C. Penney Co. is reporting a 53% decline in third quarter profits, and telling everyone not to expect as much at they'd originally thought in the fourth quarter.
On the slightly less dim side, the third quarter results beat the dismally low forecast by two cent per share.
Riding this wave of exceeding lowered expectations, the company is notching down its fourth quarter earnings forecast from $1.32/share to somewhere in the range of $0.90 - $1.05/share.
Sounds like the Christmas goose may already be cooked.
posted by JM
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