J.C. Penney ups earning expectations due to strong sales

Dallas Business Journal – by Kerri Panchuk Web Reporter
Retailer J.C. Penney Co. has upped its earnings expectations for the first quarter after learning that same-store sales – or sales at stores open for 12 months or more – rose 5.4 percent for the five-week period ending on April 3.
During the same period in 2009, same-store sales fell 7.2 percent.
Plano-based J.C. Penney Co. (NYSE: JCP) reported that sales for the five-week period hit $1.5 billion, up from $1.4 billion a year earlier. That led the company to raise its first-quarter per-share earnings expectations of 20 cents to 24 cents. This is higher than earlier estimates of 16 cents to 20 cents per share.
For March 2010, apparel sales were strong, especially in the children’s division. Home product sales, however, lagged during the period, according to the retailer.
The Southeast region turned in the strongest performance during the period; the Northwest region showed the softest sales.

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