J.C. Penney, other retailers report weak December results

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NEW YORK — The economic outlook became more uncertain Thursday after many of the nation’s big retailers reported weaker than expected holiday sales, the result of consumers cutting their spending due to higher energy prices and the ongoing housing slump.

FILE/AP

FILE/AP December discounts weren't enough to bolster sales at many retailers.

Many merchants failed to meet their already lowered sales projections during December, and their performance during this critical sales period led some stores to reduce earnings outlooks for the fourth quarter.

J.C. Penney Co. reported a decline in December sales and said its fourth-quarter earnings will be at the low end of its previous forecast of $1.65 to $1.80 a share.

The Plano-based department store chain said December sales “continued to be impacted by a challenging consumer environment.”

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