JCPenney (NYSE: JCP) reported Q1 EPS of ($0.55), $0.22 better than the analyst estimate of ($0.77). Revenue for the quarter came in at $2.86 billion versus the consensus estimate of $2.87 billion.

Comps increased 3.4 percent.

Myron E. (Mike) Ullman, III, chief executive officer said, "We are pleased with the Company's solid performance this quarter across all key metrics including sales, gross margin and EBITDA. This year we are switching gears, going on the offensive to gain back share and grow our business profitably while executing our vision to become the preferred shopping choice for Middle America. I would like to thank our team of 114,000 associates for their hard work and warrior spirit that helped us deliver these results. It is their passion to win and to serve the customer that sets JCPenney apart from the competition."

Marvin Ellison, president and CEO-designee, said, "The teams executed extremely well this quarter, resulting in significantly improved performance across the enterprise. It is clear that our strategic initiatives are working to drive profitable sales growth. Our exceptional customer experience, when combined with our strength in private brands, national brands and points of differentiation like Sephora inside JCPenney and the Disney Collection, give us confidence in our ability to earn customer loyalty and deliver on our long term goals. In fact, based on our results to date, including a strong Easter and Mother's Day, we feel confident in raising our 2015 expectations for sales, gross margin and SG&A."

The Company increased its 2015 full-year guidance as follows:

• Comparable store sales: now expected to increase 4 percent to 5 percent versus 3 percent to 5 percent previously;
• Gross margin: now expected to improve 100 to 150 basis points up from 50 to 100 basis points previously;
• SG&A: now expected to decrease $100 million up from $50 to $100 million previously;
• EBITDA: approximately $600 million
• Primary pension plan expense: approximately $19 million;
• Depreciation and amortization: approximately $615 million;
• Interest expense: approximately $415 million
• Capital Expenditures: $250 to $300 million; and
• Free cash flow: expected to be breakeven.

For earnings history and earnings-related data on JCPenney (JCP) click here.