Skip to main content
Publish date:

J.C. Penney Lifts Forecast

The company posts solid gains in same-store sales.
Author:

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.

TheStreet Recommends

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.