J.C. Penney profit down; CFO says he's working on balance sheet

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While it beat revenue expectations with its second quarter earnings, J.C. Penney Co. Inc. (NYSE: JCP) saw its stock fall more than 23 percent before market open due to declines in profit and same-store sales. Shares continued to decline on Friday, trading down nearly 15 percent by 10 a.m. As of J.C. Penney’s closing price of $4.71 on Thursday, the stock is trading down more than 58 percent over the past 12 months. The Plano retailer reported Friday quarterly sales of $2.96 billion, exceeding…
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