Financial Times FT.com

JC Penney suffers as shoppers cut back or seek other options

By Jonathan Birchall in New York

Published: August 16 2008 03:00 | Last updated: August 16 2008 03:00

JC Penney, the department store chain, yesterday became the latest mid-range US retailer to report a fall in profits, as consumers cut back on purchases or opt instead for cheaper discount stores.

The retailer's secondquarter net income decreased 35.7 per cent to $117m, while sales fell 2.8 per cent to $4.28bn.

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