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USA:J C Penney says operating profit increased
66 percent to 7.1% of sales |
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2005-2-26
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America''s largest department store J. C. Penney Company Inc, fourth quarter earnings per share from continuing operations increased 40 percent to $1.16 per share from $0.83 per share last year. On a dollar basis, income from continuing operations increased to $328 million from $253 million last year. Full year operating profit increased 66 percent to 7.1 percent of sales, and earnings per share from continuing operations increased 84 percent to $2.23 per share compared to $1.21 per share last year.
The increase in earnings per share was primarily the result of continued improvement in sales productivity, growth in gross margin and leverage of SG&A expenses. Net income Myron (Mike) Ullman, Chairman and Chief Executive Officer said, "We are very pleased with the improvements we continue to achieve in our business. Fourth quarter and full year operating profit exceeded our original expectations and represents the fourth consecutive year of substantial earnings improvement. Our results reflect the impact of effective merchandising programs, including transition of seasonal product, compelling marketing and continued improvement in the shopping experience in our stores."
During the fourth quarter, comparable department store sales increased 3.0 percent with positive results in all merchandise divisions and all regions of the country. For a comparable 13-week period, catalog/Internet sales increased 3.9 percent over last year. The Internet component of sales increased 33 percent for the quarter and continues to be the fastest growing sales channel.
The Company currently expects earnings from continuing operations to be in the range of $0.48 to $0.53 per share in the first quarter and $2.89 to $3.01 per share for the full year. Full year earnings guidance reflects the impact of $0.08 per share for charges associated with anticipated open market repurchases of debt. Also included in this guidance is an estimated charge of $0.05 per share related to employee stock options, which the Company will begin expensing in the first quarter of 2005.
J. C. Penney Corporation, Inc., the wholly-owned operating subsidiary of J. C. Penney Company, Inc., is one of largest department store, catalog, and e-commerce retailers, employing approximately 150,000 associates. As of January 29, 2005, J. C. Penney Corporation, Inc. operated 1,017 JCPenney department stores throughout the United States and Puerto Rico, and 62 Renner department stores in Brazil. Visit www.jcpenney.com for more details. |
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