JC Penney Release First Quarter Results
March 27, 2008
The latest results released by J.C. Penney shows that the economy is really in a poor state. As many people within the general public loose faith within the economic situation, and with the increasing price of gasoline, the latest figures released by JC Penney confirm what analysts are have stated.
JC Penney is a large retailer that is one of the main stores in numerous malls across the United States. However, they published dismal first quarter profits. These profits were at least 33% less than predicted by economic analysts. CEO Myron Ullman had this to say,”Consumer confidence is at a multi-year low. While tax refunds might help for a while, we expect the continuation of a difficult environment over the course of 2008.”