JC Penney announces Q2 earnings, total sales boost 5.4%
16 Aug '05
7 min read
Plano, Texas based online retailer J. C. Penney Company Inc second quarter earnings from continuing operations rose to $0.46 per share from $0.22 per share in last year's second quarter. On a dollar basis, income from continuing operations increased to $122 million from $68 million last year. Earnings per share increased primarily as a result of strong operating performance, coupled with the impact of the company's ongoing common stock buyback program. Including the effects of discontinued operations, net income for the quarter was $0.50 per share compared to a loss of $0.02 per share last year.
Myron E. (Mike) Ullman, III, Chairman and Chief Executive Officer said, "Company operating performance in the second quarter reflects the continued progress they are making in offering merchandise assortments that fit customers' lifestyles. They are pleased with progress made to date and are committed to strengthening the customer relationship. They will accomplish this by building our private brands, as well as offering national brands, that our customers the middle American consumer want, making it both exciting and convenient to shop with JCPenney. They are entering the third quarter and the Back-to-School selling season with momentum and early results have been encouraging."
Ullman added, "Even as they seek to build and enhance their brand-building and marketing activities, they remain committed to increasing long-term profitability by ensuring efficiency across their organization and continuing to strengthen financial position. Based on the confidence we have in our Long-Range Plan, they announced a $400 million addition to our common stock repurchase program last month, bringing total repurchase authorizations to over $4 billion since last August."
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