J.C. Penney Says Earnings Won’t Hit Expectations

Plano, TX, March 28, 2008– J.C. Penney said its first-quarter earnings will be well below its previous forecast because of declining consumer demand.

The company said it anticipates first-quarter net income of about $.50 cents per share, down from its forecast of $.75-$.80 per share.

J.C. Penney Co. said weakening consumer confidence has hurt its results.