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Penney 1Q profit rises nearly 7 percent

Penney 1Q profit rises nearly 7 percent

J.C. Penney Co. says its first-quarter net income rose nearly 7 percent because of cost-cutting and strong reception to its exclusive merchandise.
The company says it earned $64 million, or 28 cents per share, for the three months ended April 30. That compares with $60 million, or 25 cents per share, in the same period last year.
Revenue edged up to $3.94 billion from $3.93 billion. Penney's revenue at stores open at least a year rose 3.8 percent. The gauge is a key indicator of a retailer's health.
Analysts had predicted earnings of 26 cents on revenue of $3.94 billion, according to FactSet.
The company also issued profit guidance in line with analysts' projections.
J.C. Penney is based in Plano, Texas.


Updated : 2021-01-16 17:48 GMT+08:00