J.C. Penney’s Q2 Up Slightly

by MR Magazine Staff Aug 16, 2007

PLANO, Texas – J.C. Penney Co. announced earning from continuing operations in the second quarter of 2007 at 78 cents per share, a slight rise over the same time last year’s 75 cents per share. The company credits a healthy back-to-school season start.

“We are also pleased by the positive response we have seen to our new private lingerie brand Ambrielle and our exclusive Liz & Co. and CONCEPTS by Claiborne lines. They all bring newness and excitement across our shopping channels, including our growing store base and industry-leading website, jcp.com,” said CEO Myron E. Ullman III in a financial release.

However, sales of $4.39 billion were below analyst predictions for the quarter of $4.45 billion. Notably, Internet sales rose 17.4 percent. Direct sales figures, which include sales from what the company calls the largest general merchandise catalog business in the country, dropped 2.3 percent.

J.C. Penney Co operates 1,048 department stores in the United States and Puerto Rico.