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May 11, 2006 10:02 am US/Central

JC Penney Reports Higher Earnings

Raises Earnings Outlook

Wire and Staff

PLANO, TX (AP) ― J.C. Penney reports its first-quarter profit rose 22 percent from over year's first quarter. The Plano-based retail giant says cost-cutting moves with helping it overcome a modest two-and-a-half percent increase in revenue. It also raised its earnings outlook for the year.

Penney says it earned $210 million (89 cents/share) for the three months ended April 29th. Excluding a charge related to the divestiture of its Eckerd drugstore chain, Penney reports earnings were 90 cents a share. Analysts surveyed by Thomson Financial had expected earnings of 88 cents per share.

Revenues totaled $4.22-bilion and its 12th straight quarter of increasing same-store sales.

It says it expects to earn about 60 cents/share in the current quarter and full-year earnings of $4.24 to $4.34/share. That's two cents more than its previous outlook.

(© 2006 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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