J.C. Penney raises annual profit outlook as it reports 1Q profit increase

J.C. Penney Co. raised its profit outlook for the year on Thursday as the department store chain posted a 13 percent increase in first-quarter profits boosted by strong sales of exclusive fashions and its latest moves to improve operating efficiencies. The company's shares soared nearly 4 percent.

Earnings increased to $238 million, or $1.04 per share, compared with $210 million, or 89 cents per share, during the same period a year ago.

Income from continuing operations climbed to $238 million, or $1.04 per share, versus $213 million, or 90 cents per share.

Analysts polled by Thomson Financial expected net income of $1.03 per share.

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- Posted: 2007-05-17 10:08:11

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