J.C. Penney Company Inc reported record earnings per share from continuing operations for the first quarter ended May 5, 2007. For the quarter, operating income improved 60 basis points to 9.6 percent of sales, driven by improvement in gross margin and SG&A expense leverage.
Income from continuing operations for the quarter increased 11.7 percent to $238 million, while earnings per share increased 15.6 percent to $1.04 per share from $0.90 per share in last year's first quarter.
"The year is off to a strong start at JCPenney. This in part reflects the early benefits of our enhanced merchandise flow capabilities, which allow us to present newness in our assortments and reduce clearance levels, as well as the recent introduction of our private lingerie brand Ambrielle and exclusive Liz & Co and CONCEPTS by Claiborne lines Based on our first quarter performance, we have increased our earnings guidance for the full year," said Myron E. (Mike) Ullman III, chairman and chief executive officer of JCPenney.
At its April Analyst Meeting, the Company introduced its 2007 to 2011 Long-Range Plan which is designed to build on the strengths that set JCPenney apart in the industry.
The Plan is focused on developing a deep and enduring emotional connection with customers, inspiring them with merchandise and services, becoming the preferred choice for a retail career, and establishing JCPenney as the growth leader in the retail industry.
"Our merchandise offerings, and the plans we have for new brands and merchandise concepts such as American Living, reflect what we learn from listening to our customers."
"This provides us with an exceptional mix of private, exclusive and national brands, and combined with our unique positioning on-and off-mall and industry leading Internet presence, enables us to offer our customers great style and quality, at a smart price. These are key differentiators for JCPenney that underscore our confidence to deliver the Company's long-range targets," Ullman added.
marketing@alchempro.com
