Penney says growth plan time frame been 'elongated'

NEW YORK, April 15 (Reuters) - J.C. Penney Co Inc's (JCP.N: Quote, Profile, Research, Stock Buzz) chief executive officer, Myron "Mike" Ullman, said on Tuesday that the retailer's time frame for meeting its 2007-2011 long-range growth plan has probably been "elongated" somewhat given the difficult retail environment.

He made the comments at the first day of the company's two-day analyst meeting being held in New York. His presentation was broadcast over the Internet.

At the company's analyst meeting last year, Penney outlined an aggressive 2007-2011 growth plan that included opening 250 new stores over the next five years and a 16 percent compound annual growth rate in earnings per share for 2008-2011.

But Penney's sales have been battered by the weakening U.S. economy, and last week it said its March sales at department stores open at least a year fell 12.3 percent as skittish U.S. consumers cut back on discretionary spending. (Reporting by Nicole Maestri; Editing by Gary Hill)