Plano, TX, November 16--J.C. Penney Co. reported third-quarter earning that rose 86.3 percent, helped by stronger sales and fewer markdowns.
Earnings rose to $149 million, or $0.50 a share, in the quarter ended Oct. 30, from $80 million, or $0.27 a share, a year earlier.
The company had forecast earnings of $0.47 to $0.49 a share. Analysts' average forecast was $0.49, according to Reuters Estimates.
Sales for the third quarter rose 3 percent to $4.46 billion, while sales at department stores open at least a year, or same-store sales, rose 2.7 percent. Catalog and Internet sales rose 3.6 percent.
"We are optimistic the economic environment will continue to improve," chairman and chief executive Allen Questrom said in a statement. "Although high energy prices remain a concern for our customer segment, we are encouraged by recent trends."
The company forecast fourth quarter earnings from continuing operations of $0.95 to $1.10 per share after one-time charges of $0.5 to $0.10 per share.
Analysts expect the company to earn $1.02 to $1.13 per share this quarter, with a mean target of $1.07.
The company said fourth-quarter sales, which will be reported on a 13-week basis versus a 14-week basis last year, are expected to fall low-single digits.
