J.C. Penney and Target Corp. both posted better than expected fourth-quarter results, with J.C. Penney up 65.5 percent and Target rising 13.7 percent.
You May Also Like
Both are among the first of the major retailers to report fourth-quarter results, which incorporate how well they did during the all-important holiday season.
J.C. Penney said income for the three months ended Jan. 28 was $551 million, or $2.34 a diluted share, from $333 million, or $1.17, last year. Sales rose 4.2 percent to $6.20 billion from $5.96 billion. The retailer said it opened 18 new stores in 2005, the most in eight years.
Target for the quarter ended Jan. 28 said profits were $939 million, or $1.06 a diluted share, from $825 million, or 91 cents, in the same year-ago period. Total revenues were up 11.5 percent to $16.95 billion from $15.19 billion, which included sales gain of 11.4 percent to $16.57 billion from $14.88 billion. The balance of the company’s revenues is from its credit card operation.
For complete coverage, see tomorrow’s WWD.