By Nicole Maestri 12 minutes ago NEW YORK (Reuters) - J.C. Penney Co Inc (JCP.N) and Abercrombie & Fitch Co (ANF.N) reported quarterly profits that beat Wall Street expectations on Friday, but came up short in their earnings forecasts, joining other U.S. retailers who fear a deeper slowdown in consumer spending toward year's end.Penney and Abercrombie capped a trend seen among other retailers reporting this week. Wal-Mart Stores Inc (WMT.N), Nordstrom Inc (JWN.N), and Macy's Inc (M.N) posted earnings ahead of analysts' estimates, but issued cautious forecasts for the back half of the year.
Still, some investors are betting that the sales environment could improve as oil prices ease and the dollar strengthens. A survey released on Friday showed consumer confidence improved slightly in early August.
Read More