J.C. Penney Co. Inc., symbol JCP on New York, operates more than 1,100 department stores in the U.S. and Puerto Rico. It also sells its goods over the Internet.
J.C. Penney is one of the companies we analyze in Wall Street Stock Forecaster, our newsletter that helps you invest in stocks in the U.S. markets.
In the three months ended April 30, 2011, Penney’s sales rose 0.4%, to $3.94 billion from $3.93 billion a year earlier. The shutdown of the company’s catalogue business was offset by a 3.8% jump in same-store sales at its 1,100 department stores, due to strong demand for its private-label clothing.
Earnings rose 6.7% in the quarter, to $64.0 million from $60.0 million, mainly due to lower pension expenses. Earnings per share jumped 12.0%, to $0.28 from $0.25, on fewer shares outstanding.
J.C. Penney is renovating about a third of its stores, including building more in-store boutiques devoted to specific brands. For example, J.C. Penney stores with boutiques that sell Sephora beauty and fragrance products tend to have higher sales than the company’s regular stores. The company added 23 Sephora boutiques in the quarter and now has 254.
The company holds cash of $1.8 billion, or $8.18 a share. Its long-term debt of $3.1 billion is a manageable 42% of its $7.3-billion market cap.
J.C. Penney is a dividend paying stock. Its annual rate of $0.80 a share yields 2.5%.
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