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JCP Raises Q2 EPS

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August 07, 2008 |Comments: 0
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JCP

Like most other retailers, J.C. Penney Company (JCP) announced same-store sales for July that not only declined, but did so at a steeper rate than analysts expected. However, this department store staple is staying above the fray on Thursday after boosting its second-quarter earnings guidance.

Shares are up approximately 7%.

JCP now expects earnings per share for the quarter between 50 cents and 52 cents, compared to its previous guidance of 38 cents – which is also where the analysts were before the report. The company attributed the new outlook to better-than-expected sales of promotionally-priced merchandise and continued expense management measures.

Second-quarter numbers will be released on Aug 15.

Earnings estimates for this year are down from two months ago, but only by 2 cents. JCP is a Zacks #3 Rank company.


Read the full analyst report on JCP

 

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