Check out the bridge, the elongation and the unpredictability at the J.C. Penney analyst meeting.
 
CEO Mike Ullman told analysts that he will not be providing annual financial guidance at this time because the department store operator does not have enough visibility.
 
On Tuesday he highlighted how uncertain the retail environment was.
 
 ”I’ve been in the business 39 years. I don’t think I’ve ever seen an environment that was as unpredictable as the current environment,” Ullman said.
 
The department store chain has been hit as its middle-income customers contend with higher food and energy costs, a deteriorating housing market and a credit crunch.
 
Ullman said the time frame for the company’s five-year growth plan has probably been “elongated” and that the company  now has a “bridge” plan that includes moderating store openings and curbing the amount of inventory it keeps in stores.
 
Weakness in the retail industry has had one beneficial effect for consumers, though. Inflation at the consumer level rose less than expect due to falling apparel prices. Clothing retailers have been cutting prices to try to attract customers.
 
Also in the basket:
 
Coca-Cola profits  beat estimates

(Photo: Reuters)