J.C. Penney Co Inc
Penney reported net income of $14 million, or 6 cents per share, for its second quarter ended July 31, compared to a loss of $1 million, or nil per share, a year earlier.
Overall sales fell 0.1 percent to $3.94 billion, while same-store sales, or sales at stores open at least a year, rose 0.9 percent.
Analysts had been expecting a profit of 5 cents per share on sales of $4 billion, according to Thomson Reuters I/B/E/S.
Penney expects earnings in the current quarter of between 16 and 20 cents per share, below Wall Street forecasts of 24 cents. It expects same-store sales to rise between 2 percent and 3 percent during the quarter.
Its full year 2010 profit forecast of $1.40 to $1.50 per share also fell short of estimates of $1.54 per share.
(Reporting by Phil Wahba; Editing by Derek Caney)