By and  on May 16, 2011

Myron E. "Mike" Ullman 3rd, J.C. Penney Co. Inc.’s chairman and chief executive officer, is standing by his goal to more than double earnings by 2014, but he plans to get there by a slightly different route.

The retailer, which drove first-quarter profits up 6.7 percent with a combination of expense cuts and a double-digit gain in apparel, is trimming its plan to open about 70 new doors in the coming years. And some of the stores that are opened will be smaller, averaging 50,000 to 60,000 square feet versus 100,000 for the current fleet of more than 1,100 doors.

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