By  on August 15, 2008

J.C. Penney Co. Inc. was not immune to what chairman and chief executive officer Myron ³Mike² Ullman III called weak economic conditions in the second quarter.

The department store company reported a 35.7 percent slide in second-quarter profits Friday to $117 million, or 52 cents a diluted share, from $182 million, or 81 cents a share in the same period a year ago. Sales in thequarter ended Aug. 2 dipped 2.5 percent to $4.3 billion from $4.4 billion last year.

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