J.C. Penney posts profit, but cuts forecast

J.C. Penney Co. reported a second quarter profit versus break-even results last year, but it cut its full-year forecast blaming the “uncertain consumer climate.” The chain earned $14 million, in line with analyst expectations.Total sales declined 0.1% to $3.94 billion, which the company said was due to its decision last year to discontinue its Big Book catalogs in 2010. Analysts had forecast sales would be up 1.7% to $4 billion. Same-store sale rose 0.1%. Internet sales rose 4% to $317 million.J.C. Penney said improvements in its merchandise assortments, including the introduction of new brands, contributed to profitability.“The success of