J.C. Penney Expects to Miss Forecasts in 2002
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J.C. Penney Co., the second-largest U.S. department store chain, said it had profit of $95million in its fiscal fourth quarter, and earnings this year will be less than forecast because of lower income from its pension fund.
Net income of 32 cents a share in the quarter ended Jan. 26 contrasted with a loss of $580 million, or $1.26, a year ago. This year, profit will be 85 cents to 95 cents, less than the 96-cent average estimate of analysts surveyed by Thomson Financial/First Call, Chief Financial Officer Robert Cavanaugh said.
Shares of Plano, Texas-based J.C. Penney fell $2.80, or 12%, to close at $20.79 on the NYSE.
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