NEW YORK – J.C. Penney Company Inc. reported second quarter earnings Thursday that climbed 36.6 percent to $179 million, or 75 cents a diluted share, from $131 million, or 46 cents a share, in the same period the prior year. Net sales for the quarter grew 5 percent to $4.2 billion from $4 billion the prior year.
For the first half of the year the company’s net income increased 28.4 percent to $389 million from $303 million during the same period last year on sales that grew 4.9 percent to $8.5 billion from $8.1 billion the prior year.
The results prompted the company to raise its full year earnings guidance to $4.55 per share.
“The company had an excellent second quarter, with good customer response to fine jewelry, children’s and women’s accessories, as well as a solid rebound in apparel categories, particularly women’s,” said Myron E. Ullman, III, chairman and chief executive officer, J.C. Penney in a statement.
The company also announced it intentions to open 25 new stores in the third quarter, 17 of them in its new off-mall format.
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