J.C. Penney’s Earnings Increase on Strong Sales
J.C. Penney Co. said second-quarter profit rose to $131 million on strong sales of private-label women’s clothing and accessories.
Net income increased from $1 million a year earlier. Per-share profit was 50 cents, contrasted with a loss of 2 cents a year earlier, Plano, Texas-based J.C. Penney said. Sales rose 5.4% to $3.98 billion, and the company raised its full-year profit forecast for the third time.
The year-earlier results included the Eckerd drugstore chain, which posted a $71-million loss in the quarter, and the payment of preferred dividends.
Shares of J.C. Penney fell $2.16 to $49.74.
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