J.C. Penney Co. Inc. (Plano, Texas) reported $1 million in earnings in its second quarter ended July 31, 2004. A year ago, the department store chain broke even during the quarter.
The results included operating losses from the Eckerd drugstore business, which Penney sold during the quarter. Excluding those losses, Penney said it earned $72 million compared to a loss of $3 million a year earlier.
Revenue rose 5.8 percent during the quarter and same-store sales were up 7.1 percent at the department stores.
Chairman and ceo Allen Questrom said that early back-to-school sales are “exceeding our expectations.” He added that while higher oil prices and fear of terrorism could dampen consumer spending, “we remain confident that our third-quarter sales and operating profits will improve.”
For the first six months of its fiscal year, Penney said net income is down 31 percent but sales are up 7.2 percent.