×
125
Fashion Jobs
SHISEIDO
Manager - Finance And Accounts (Business Process, Operations & Financial Compliance)
Permanent · Hong Kong
BESTEAM PERSONNEL CONSULTANCY LTD.
Sales Supervisor / Assistant Sales Supervisor (Fmcg)
Permanent · TIJUANA
BESTEAM PERSONNEL CONSULTANCY LTD.
Retail Operations Manager (Station in Kuala Lumpur, Malaysia)
Permanent · TIJUANA
BESTEAM PERSONNEL CONSULTANCY LTD.
Assistant Visual Merchandising Manager
Permanent · TIJUANA
BESTEAM PERSONNEL CONSULTANCY LTD.
Senior Sales Manager (Printing/Paper Packaging)
Permanent · TIJUANA
SHISEIDO
Senior Manager - Financial Planning & Analysis, Finance And Accounts
Permanent · Hong Kong
SHISEIDO
Contract Manager - Financial Planning & Analysis, Finance And Accounts
Permanent · Hong Kong
BESTEAM PERSONNEL CONSULTANCY LTD.
Merchandising Manager - Apparel And Sports Goods (Station in Shanghai, Prc)
Permanent · TIJUANA
BESTEAM PERSONNEL CONSULTANCY LTD.
Senior Garment Technician - Lingerie
Permanent · TIJUANA
BESTEAM PERSONNEL CONSULTANCY LTD.
Fabric Sales Manager/ Sales Executive
Permanent · TIJUANA
BESTEAM PERSONNEL CONSULTANCY LTD.
Factory Manager (Stationed in Bangladesh)
Permanent · CLEARWATER
BESTEAM PERSONNEL CONSULTANCY LTD.
General Manager (Stationed in Bangladesh)
Permanent · CLEARWATER
BESTEAM PERSONNEL CONSULTANCY LTD.
Logistics & Warehouse Manager
Permanent · CLEARWATER
BESTEAM PERSONNEL CONSULTANCY LTD.
National Business Trainee (3d Artistist / Designer) - 2-Year Programme
Permanent · CLEARWATER
BESTEAM PERSONNEL CONSULTANCY LTD.
Quality Manager
Permanent · TIJUANA
BESTEAM PERSONNEL CONSULTANCY LTD.
Divisional Sales Manager
Permanent · TIJUANA
SHISEIDO
Senior Manager - Omnichannel Strategy & Innovation, Digital Shared Services
Permanent · Hong Kong
SHISEIDO
Officer - HR Operations, Human Resources
Permanent · Hong Kong
NIKE
HR Manager/Assistant Manager - Hrbp (1-Year Contract)
Permanent · Hong Kong
BESTEAM PERSONNEL CONSULTANCY LTD.
Sales Executive
Permanent · CLEARWATER
TRIUMPH
Brand Merchandising Manager
Permanent · KOWLOON BAY
BESTEAM PERSONNEL CONSULTANCY LTD.
Marketing Executive / Marketing Supervisor / Assistant Marketing Manager
Permanent · CLEARWATER
By
Reuters
Published
Aug 15, 2008
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

JC Penney profit falls, forecast light

By
Reuters
Published
Aug 15, 2008

NEW YORK (Reuters) - J.C. Penney Co Inc posted a quarterly profit on Friday that beat Wall Street expectations as strong inventory controls offset weaker consumer spending, pushing its shares 6 percent higher.

The mid-tier department store operator said net income fell to $117 million, or 52 cents per share, for its fiscal second quarter, ended August 2, from $182 million, or 81 cents per share, a year earlier.

Analysts on average had forecast earnings per share of 51 cents, according to Reuters Estimates.

"We know our customers are struggling. We recognize the need to ensure we help them meet their needs for their families while we continue to invest in the development of our people and protect the interest of our investors," Penney Chief Executive Myron Ullman said on a call with analysts.

The Plano, Texas-based company also said it expects third-quarter earnings of 70 cents to 75 cents per share, below the 76 cents per share average forecast issued by analysts.

But analysts said Penney is roughly in line with expected trends as sales and profits at department stores dip. Their middle-class shoppers have tightened discretionary spending in favor of necessities, squeezed by rising fuel and food prices, declining home values and a credit crunch.

JPMorgan retail analyst Charles Grom wrote in a note to clients that Penney's second-quarter results were "respectable" and said its forecast was "neither conservative nor aggressive."

Penney has tried to protect margins through tighter inventory controls, and said comparable store inventory levels at the end of the second quarter were lower than a year ago.

For the quarter, total sales fell 2.5 percent, while same-store sales dropped 4.3 percent. Sales of women's apparel and shoes were stronger than other items on a relative basis, while sales of home goods and jewelry were the weakest.

Penney forecast a decrease in total sales for the third quarter in the low-single digit percentages, with same-store sales falling in the mid-single digit percentages.

Penney shares were up 6.1 percent, or $2.27, at $39.10 on the New York Stock Exchange. (Reporting by Sarah Coffey and Michele Gershberg; Editing by Steve Orlofsky and Derek Caney)

© Thomson Reuters 2021 All rights reserved.