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 PLANO, Texas (AP) - Department store operator J.C. Penney Co. said Thursday its fourth-quarter profit fell 13 percent partly due to higher taxes, and it predicted a weaker first quarter than Wall Street expected.
"We're seeing February being soft," said Chairman and Chief Executive Myron E. Ullman III. But he said sales would rebound with new spring fashions, and the company stuck with a bullish outlook for the next 12 months.
Penney shares fell $2.96, or 3.4 percent, to $83.39 in trading on the New York Stock Exchange.
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