UPDATE: J.C. Penney Reports Q2 Profit of $14M

J.C. Penney Co Inc JCP released its results for the second quarter on Friday. J.C. Penney reported its quarterly profit at $14 million, or $0.07 per share, versus $14 million, or $0.06 per share, in the year-earlier period. Its revenue dropped 0.8% to $3.91 billion. However, analysts were expecting earnings of $0.10 per share on revenue of $3.94 billion. J.C. Penney projects Q3 profit of $0.15 to $0.20 per share, including $0.05 per share in restructuring costs. However, analysts were expecting a profit of $0.27 per share. J.C. Penney shares gained 0.15% to $26.87 in pre-market trading.