Market Updates
J.C. Penney Profit and Outlook Up
Elena
16 Aug, 2007
New York City
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J.C. Penney Co. posted nearly 2% earnings increase in Q2 to $175 million, or 78 cents a share, from continuing operations, compared with the year-ago profit of $178 million, or 75 cents a share. Looking ahead, J.C. Penney raised its full-year earnings forecast by a penny to $5.50 a share, above the average analyst estimates for $5.48.
[R]08:00AM J.C. Penney posted Q2 profit increase and lifted full-year forecast.[/R]
J.C. Penney Co. ((JCP)) posted nearly 2% earnings increase in Q2 to exceed analyst expectations and lifted its profit outlook for the full year. The department store retailer earned $175 million, or 78 cents a share, from continuing operations, compared with the year-ago continuing operations profit of $178 million, or 75 cents a share.
Quarterly sales rose 3.6% from a year ago to $4.39 billion. Analysts had expected a profit of 77 cents a share on sales of $4.42 billion. Looking ahead, J.C. Penney raised its full-year earnings forecast by a penny to $5.50 a share, above the average analyst estimates for $5.48. The stock slipped 3.3% in pre-market trading.
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