August 16, 2011
Ronald Friedman, Co-Leader, Retail/Consumer Products Industry Group, Quoted in The Wall Street Journal Article "UPDATE: JC Penney 2Q Profit Flat On Lower Sales, Margins"
By Karen Talley and Natalie Tadena
In the article, Mr. Friedman comments on JC Penney's fiscal second-quarter earnings. He says "When you realize the sales are going to be somewhat soft, then expense cuts are the necessary adjustment to maintain profitability."