COMPANIES JC Penney, which operates more than 1,000 department stores across the US, announced a fall in its third-quarter earnings and sales on Friday, the latest in a series of mainstream retailers to show the impact of the drop in US discretionary spending.
The retailer reported net income of $124m, down 52 per cent, or 55 cents per diluted share, as total sales fell 8.7 per cent to $4.3bn. Comparable store sales declined 10.1 per cent.
