Finance and Economic

J.C. Penney Co. said Friday that its first-quarter profit tumbled 79 percent because of a big one-time pension expense, but it beat analysts’ estimates as its expenses fell and demand remained strong for the Sephora cosmetics and American Living merchandise it sells. Looking ahead, however, the department store chain said it will miss Wall Street’s full-year forecast because of soft consumer spending and weak mall traffic. Plano, Texas-based J instant payday loan.C. Penney earned $25 million, or 11 cents per share, for the quarter that ended May 2. That compares with $120 million, or 54 cents per share, a year earlier. Penney’s sales dropped 6 percent to $3.88 billion from $4.13 billion in the period a year earlier. (AP)

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