J.C. Penney (JCP) Reports September Same-Stores Sales Increase of 8.7%, Guides Higher for FY07 EPS

J.C. Penney Company, Inc. (NYSE: JCP) total department store sales increased 10.2% for the five weeks ended Sept. 30, 2006, and comparable store sales increased 8.7%, well ahead of initial guidance for the month. In last year's September period, comparable store sales increased 1.4%.

As a result of sales and profit trends through the first nine weeks of the quarter exceeding initial expectations, management is raising third quarter guidance for earnings from continuing operations to $1.11 per share, an increase of $0.04 per share from previous guidance.

Incorporating the current increase, full year earnings from continuing operations are now expected to be approximately $4.61 per share compared to previous guidance of $4.57 per share. Current FY07 EPS consensus is $4.60.

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