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current news

JCPenney Reports 2q Flat Net Income


(Filed Under Financial and General Interest News). J.C. Penney Co., Inc. reported a net income of $14 million for the second quarter, unchanged from the comparable period in 2010.

Income per share rose 16.7 percent to 7 cents, up from 6 cents one year ago. Total sales fell 0.8 percent to $3.91 billion, down from $3.94 billion, which the company attributed to its exit from the catalog business.

Same-store sales rose 1.5 percent, with more customers purchasing women’s apparel, accessories and jewelry from exclusive JCPenney brands Liz Claiborne, Modern Bride, St. John’s Bay and Arizona. Customers also frequented the new Sephora outlets within JCPenney stores. Internet sales rose 2.8 percent to $326 million.

"The challenging economy continues to impact the moderate consumer," stated JCPenney chairman and chief executive officer Myron E. Ullman, III. "Nevertheless, we have made significant strides in implementing our merchandising growth initiatives, with sales gains across our apparel and accessories businesses both in stores and on jcp.com."

JCPenney currently operates more than 1,100 department stores in the United States and Puerto Rico.


more Financial and General Interest News >>

Published 08-12-2011 by Katherine Rautenberg

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