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Penney sees pinched 2Q
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July 9, 1998: 9:00 a.m. ET
Retailer says June sales slide will cause earnings to fall short of expectations
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NEW YORK (CNNfn) - Retailer J.C. Penney Corp. said Thursday its second-quarter earnings will fall below Wall Street expectations, citing lower-than-expected sales in June.
Analysts had forecast the company to report a profit of 48 cents a share for the quarter, according to First Call. Penney, which operates the JCPenney chain of department stores, posted earnings of 37 cents a share in the same period a year ago.
The company said it is "not likely" to reach last year's second-quarter figure.
Penney will announce its second-quarter earnings Aug. 18.
Penney said same-store sales, or stores open at least one year, declined 2.1 percent in June from the comparable period last year.
The company said total sales declined 2.6 percent from a year ago. Catalog sales, however, climbed 4.6 percent.
"Strong early demand created less than desirable levels of seasonal product," the company said.
Penney (JCP) shares fell to 67 in Thursday pre-open trading, down from Wednesday's close of 71-7/16. 
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J.C. Penney
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