J.C. Penney 1Q profit falls 50 pct; rough year ahead

PLANO, Texas (AP) -- J.C. Penney reported first-quarter profits had been halved and on Thursday predicted "difficult" conditions for the entire year as consumers pull back on spending.

Net income fell to $120 million, or 54 cents per share, from $238 million, or $1.04 per share, a year ago, the Plano, Texas-based retailer said. Total sales fell 5 percent to $4.13 billion from $4.35 billion.

In April, the retailer released details from its strategy to ride out a tough period for the entire sector.

J.C. Penney said it would reduce store openings and renovation plans, while trying to cut expenses.