JC Penney slashed its forecast today. The retailer blamed the economic slowdown for its poor sales performance.

“J.C. Penney counts half of American families as its customers, and they are feeling macroeconomic pressures from many areas … [and] the sharp decline in sales is reflective of these trends. While the economic stimulus package may provide some temporary benefit, we expect the continuation of a difficult environment over the course of 2008.”

[Wall Street Journal]