The company had forecast earnings for the first quarter of about 50 cents per share, down from its

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The US retailer JC Penney Co Inc on Thursday reported a decline of 50% in its first quarter profits because middle-income customers bath pillow slowed their spending because of the slowing economy.
The net proceeds from the operator of department stores were $ 120 million, or 54 cents per share, in its fiscal first quarter ended May 3, compared to US $ 238 million, or US $ 1.04 per share in the same period last year.
The company had forecast earnings for the first quarter of about 50 cents per share, down from its previous forecast of 75-80 cents a share.
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