JCPenney Company Inc reported earnings per share from continuing operations for the second quarter ended Aug. 4, 2007, rose to $0.78 per share, compared to $0.75 per share in last year's second quarter. Last year's results included $26 million, or $0.11 per share, in one-time federal and state income tax credits.
On a dollar basis, pre-tax income from continuing operations for the quarter increased 12.9 percent to $280 million. For the quarter, operating income improved 90 basis points to 7.5 percent of sales driven by improvement in gross margin and SG&A expense leverage. Net income for the quarter, including the effects of discontinued operations, was $0.81 per share compared with $0.76 per share in last year's second quarter.
"Our second quarter performance speaks to the strength of our strategies to make a deep connection with our customers and drive growth in our business, even in what has been a challenging retail environment," said Myron E. (Mike) Ullman III, chairman and chief executive officer of JCPenney.
"The Back-to-School selling season is off to a good start, reflecting the ongoing enthusiasm America's families have for the great style and quality we offer at a smart price. We are also pleased by the positive response we have seen to our new private lingerie brand Ambrielle and our exclusive Liz & Co. and CONCEPTS by Claiborne lines. They all bring newness and excitement across our shopping channels, including our growing store base and industry-leading website."
marketing@alchempro.com
