Retailers Match Wall Street Expectations for Quarter

Summary

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NEW YORK -- J.C. Penney Co. Inc.'s profits sank 33 percent in the latest quarter due to charges related to its planned sale of its Eckerd drugstores, but the retail heavyweight's results still beat Wall Street expectations.

Saks Inc.'s quarterly profit jumped 53 percent, boosted by double- digit sales growth at its Saks Fifth Avenue stores, while jeweler Zale Corp. saw its profit rise 23 percent, helped by tighter inventory controls and new merchandising initiatives. Results for both companies were in line with Wall Street's projections.

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Retailers Match Wall Street Expectations for Quarter

However, the mood left by Tuesday's reports was tempered as Penney's chairman and CEO offered a cautious ea...

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