By  on February 27, 2011

J.C. Penney Co. Inc. chief executive officer Myron E. “Mike” Ullman 3rd — his voice gravely following a car accident last week — told WWD that Penney’s was not betting on a consumer rebound this year, but was relying on newer offerings and a “stepped-up” style message to carry the fourth quarter’s 4.5 percent comparable-stores sales gain into 2011.

Fourth-quarter profits shot up 35.5 percent and adjusted results inched past analysts’ estimates. But investors fixated on conservative first-quarter projections, which called for adjusted earnings of 21 cents to 26 cents a share, less than the 31 cents Wall Street expected. That pushed the stock down 6.5 percent to $34.16.

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