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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles J.C. Penney Q1 Profit More Than Doubles Email Facebook Digg Twitter Buzz Up! ShareThis May 14, 2010 2:33 p.m. EST Topics: earnings, company information, economy, business and finance, United States Mitchell Jaworski - AHN News Reporter Plano, TX, United States (AHN) - J.C. Penney announced Friday first quarter earnings jumped 127 percent as increased margins on stronger sales helped to boost results. The department store chain said first quarter earnings totaled $60 million or 25 cents a share, up from $25 million or 11 cents a share in the same period a year ago. The result was in line with estimates. Sales rose 1.2 percent in the quarter to $3.93 billion from $3.88 billion. Same-store sales grew slightly faster, up 1.3 percent in the first quarter. "The first quarter marked a solid start to the year for JCPenney as customers responded well to the steps we have taken to reinforce our style authority with fashion sensibility, head-to-toe looks and promotions that made what we had to offer highly affordable for America's families,” said Chairman and CEO Myron E. Ullman III. The company said gross margin increased nearly 1 point to 41.4 percent as total operating expenses as a percentage of sales fell to 37.5 percent in the period. Looking ahead, J.C. Penney said it expects second quarter earnings of 10 to 13 cents a share on a 3 percent rise in revenue. Analysts are seeking profit of 13 cents a share. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Aquino, Binay Lead Philippine Election Winners; May Be Proclaimed Within The Day NBC Cancels “Law & Order,” Creator Dick Wolf Reportedly Taking Show To TNT Russian Authorities: Freed Somali Pirates Likely Dead Miley Cyrus Under Fire For Dirty Dancing With 44-Year-Old Man Somali Pirates Release British-Flagged Chemical Tanker After Ransom Payment Elin Nordegren Initiates Divorce From Tiger Woods Brad Pitt Calls Ex-Wife Jennifer Aniston “Pathetic” Kim, Kourtney And Khloe Kardashian Design Bikinis For Beach Bunny "Twilight" Stars Hit "Jimmy Kimmel Live" For "Eclipse" Special Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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