Plano, TX, August 16--J.C. Penney in the second quarter reported income from continuing operations that rose 79% to $22 million, or $0.46 a share, up from a year-ago equivalent profit of $68 million, or $0.22 a share.
Sales rose 5.4% in the three months ended July 30 to $3.98 billion from $3.78 billion in the same period a year earlier. Same-store sales increased 4.2%.
Analysts were expecting earnings in the quarter of $0.40 a share on revenue of $3.99 billion.
Net income amounted to $131 million in the latest quarter and $1 million in the year-earlier period.
The company said it sees earnings from continuing operations of $0.82a share for the third quarter and $1.52 a share for the fourth quarter, bringing its profit forecast for the year to about $3.35 a share.
