J.C. Penney reports 51 percent slide in 4Q profit (AP)

Shoppers navigate the up and down escalators at the J.C. Penney store  in North Riverside, Ill., Friday, Feb. 20, 2009. J.C. Penney Co. reported a 51 percent drop in fourth-quarter profit Friday as customers sharply cut spending on clothing and other items. The Results beat Wall Street expectations, but the chain projected a wider first-quarter loss than analysts had predicted.  (AP Photo/Charles Rex Arbogast)AP – J.C. Penney Co. reported a 51 percent drop in fourth-quarter profit Friday as customers sharply cut spending on clothing and other items. The results beat Wall Street expectations, but the chain projected a wider first-quarter loss than analysts had predicted.

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