This is an increase from the previous second quarter guidance of $0.25 to $0.30 per share. This guidance reflects the impact of previously announced charges associated with open market debt retirements and the expensing of employee stock options, as well as the classification of Renner as a discontinued operation.
Thru July 1, 2005, the company repurchased approximately 16.5 million shares of common stock for about $800 million in fiscal 2005.
The company has completed nearly 75 percent of its $3.75 billion share repurchase program and management continues to expect to complete the current authorization by the end of 2005.
Additionally, the company completed its $250 million open market debt repurchase program in the June period. Charges related to second quarter open market debt repurchases were $5 million.
J. C. Penney Corporation Inc, the wholly owned operating subsidiary of J. C. Penney Company, Inc, is one of US major department store, catalog, and e-commerce retailers, employing approximately 150,000 associates.
As of April 30, 2005, J. C. Penney Corporation Inc operated 1,017 JCPenney department stores throughout the United States and Puerto Rico. JCPenney is the nation's largest catalog merchant of general merchandise, and jcpenney.com is one of the largest apparel and home furnishings sites on the Internet.
J. C. Penney Corporation Inc
marketing@alchempro.com
