Headlines

Man Bites Dog

Penney's reports that earnings doubled and same-store sales increased in the first quarter

Published

22 years ago

May 14, 2002

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J.C. Penney Co. Inc. (Plano, Texas) burst out of the doldrums to report a first-quarter earnings increase of more than double the comparable period a year ago.

Penney earned $86 million in the three-month period from February to April, compared to $41 million a year ago.

The retailer credited the surge to solid sales increases at Eckerd drugstores and an improved merchandising strategy in its department stores.

Same-store sales jumped 7.9 percent at Penney's department stores, led by improvements in home merchandise and men's and women's apparel, the company said. The Eckerd drugstore division had a 7.6 percent same-store gain. Catalog sales fell 24.8 percent.

Chairman Allen Questrom declared that the first-quarter results indicated the retailer's turnaround was on track.

Penney operates more than 1000 department stores and 2600 Eckerd drug stores.

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