Ft. Worth (AP) - Department store retailer J.C. Penney says a pullback in consumer spending has cut its first-quarter profit in half, and predicts "difficult" conditions for the entire year.

    Plano, Texas-based J.C. Penney Co. says net income dropped to $120 million, or 54 cents per share, from $238 million, or $1.04 per share, a year ago.

    Total sales fell 5 percent to $4.13 billion from $4.35 billion.

    Analysts surveyed by Thomson Financial expected profit of 50 cents per share on slightly higher revenue of $4.17 billion.

    "Our financial performance in the first quarter was clearly impacted by the weakened consumer environment," said Myron E. Ullman III, chairman and chief executive.