Penney turns a profit in 2Q but offers downbeat outlook amid an uncertain economy

J.C. Penney turns 2Q profit, but outlook downbeat

PLANO, Texas — J.C. Penney Co. says its turned a second-quarter profit as the department store chain benefited from tight inventory control and exclusive brands.

But the company offered a downbeat profit guidance that was well below Wall Street projections amid an uncertain economy.

J.C. Penney said Friday that it earned $14 million, or 6 cents per share, in the three months ended July 31. That compares with a loss of $1 million, or break-even per share, in the same quarter last year.

Revenue was $3.94 billion, virtually unchanged from last year’s second quarter.

Analysts expected 5 cents per share on revenue of $4.0 billion.

J.C. Penney is based in Plano, Texas.