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J.C. Penney Lifts Forecast

The company posts solid gains in same-store sales.

J.C. Penney

(JCP) - Get J. C. Penney Company, Inc. Report

said total department store sales increased 10.2% for the five weeks ended Sept. 30, while same-store sales climbed 8.7%, well ahead of the company's initial guidance.

Sales were strong across all apparel and accessory categories, with the best performances in fine jewelry, children's and men's.

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J.C. Penney expects comparable department store and direct sales to rise in the low-single digits in the four-week October period.

As a result of sales and profit trends through the first nine weeks of the quarter exceeding initial expectations, the company raised its third-quarter guidance for earnings from continuing operations to $1.11 a share, an increase of 4 cents from its prior forecast.

For the full year, J.C. Penney now expects to earn $4.61 a share.