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J.C. Penney Lifts Guidance

October same-store sales rise 8.1%.

J.C. Penney

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

raised its third-quarter guidance Thursday after saying comparable department-store sales increased 8.1% for the four weeks ended Oct. 28.

Total department-store sales rose 11%. Sales in October were led by strong consumer demand for fall apparel and accessories, with the best overall merchandise performance in men's, children's and women's clothing categories.

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The company believes both comparable department-store and direct sales will rise in the low-single digits for the four week November period that ends Nov. 25.

While results for the third quarter haven't been finalized, based on sales and operating performance trends, J.C. Penney now expects earnings from continuing operations in the area of $1.22 a share, up from its previous forecast of $1.11.