NEW YORK (AP) – J.C. Penney Co.’s chairman and CEO says the department store operator is well positioned for the holiday season, but that it has pulled expectations back a bit given the uncertain economic conditions still weighing on shoppers.

Speaking at the Goldman Sachs 18th Annual Global Retailing Conference in New York, Chairman and CEO Myron Ullman III said the economy is not what anybody expected it to be, but that customers are still purchasing promotionally priced items in tandem with full-priced goods, like those from its Sephora sections within its stores.

“I think the customer has been pretty resilient actually,” he said.

Ron Johnson, formerly of Apple Inc., is set to take over as J.C. Penney’s CEO title in November and will take on merchandising and marketing responsibilities at that time. He will take on the job’s full duties in February. Ullman has served as CEO since December 2004.

J.C. Penney is based in PlanoJ.

Its stock added 23 cents to $26.11 in morning trading on Wednesday.

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