By ANNE D'INNOCENZIO

AP Retail Writer

NEW YORK (AP) -- J C Penney Co. cut its profit outlook for the rest of the year, a sign of jitters that Americans, still stinging from the recession and worried about jobs, aren't going to spend more any time soon.

The reduced outlook came Friday as Penney reported a second-quarter profit as it benefited from tight inventory controls and exclusive store-label brands. Shares fell 90 cents, or 4.7 per cent, to close at $19.82 after hitting a 52-week low of $19.79 earlier in the session.

Myron Ullman III, J C Penney's chairman and CEO, told analysts during a conference call Friday that while earlier in the year retailers recognised they wouldn ...

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