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Penney Income Drops Nearly 50%
May 15, 2008 7:34 PM
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J. C. Penney Co. Inc. posted net income of $120 million for the first quarter, a 49.6% decrease from $238 million in the prior year.

The direct marketer and retailer reported sales of $4.1 billion for the quarter ended May 3, a 5.1% decrease from $4.4 billion last year.

The Plano, TX company said that Internet sales through www.jcp.com increased 8.7%, on top of an 18% increase in last year.

The firm reported its gross margin decreased by 150 basis points to 40% of sales in the quarter. Penney attributed this to  the soft sales environment and pricing action taken to clear seasonal merchandise. season.

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