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J C Penney Co Inc

November 16, 2005 | From Times Wire Services
Major merchants reported third-quarter earnings Tuesday, led by J.C. Penney, which boosted its fourth-quarter earning forecast, saying it was well positioned for the holiday season. Saks Inc., which eked out a modest third-quarter profit, projected solid sales for its namesake luxury chain in the fourth quarter. Off-price retailer TJX Cos., parent of T.J. Maxx and Marshalls stores, reported a 15% profit drop for the third quarter and offered a modest fourth-quarter sales forecast.
August 17, 2005 | From Bloomberg News
J.C. Penney Co. said second-quarter profit rose to $131 million on strong sales of private-label women's clothing and accessories. Net income increased from $1 million a year earlier. Per-share profit was 50 cents, contrasted with a loss of 2 cents a year earlier, Plano, Texas-based J.C. Penney said. Sales rose 5.4% to $3.98 billion, and the company raised its full-year profit forecast for the third time.
November 17, 2004 | From Associated Press
The outlook for the holiday season brightened Tuesday after major retailers, including Wal-Mart Stores Inc. and J.C. Penney Co., offered bullish comments about consumer spending as they reported solid gains in fiscal third-quarter earnings. Wal-Mart, the world's largest retailer, raised its full-year earnings outlook after posting a 13% increase in third-quarter profit that matched Wall Street estimates.
April 2, 2004 | From Reuters
J.C. Penney Co. is nearing a deal to sell its struggling Eckerd drugstore chain in two parts to Canadian firm Jean Coutu Group and CVS Corp. for nearly $4.4 billion in cash, sources close to the situation said. The negotiations were entering their final stages Thursday but remained sensitive and could still fall apart, the sources said. The deal would mark the end of a six-month auction for the subsidiary, the fourth-largest U.S.
October 14, 2003 | From Reuters
J.C. Penney Co. has launched a formal auction for its ailing Eckerd drugstore chain, though antitrust and pricing concerns could keep the pool of prospective buyers small, sources close to the situation said. The Plano, Texas-based retailer recently asked banker CSFB to begin soliciting bids for Eckerd, the No. 4 U.S. drugstore chain, which suffers from pricing problems, difficulty keeping merchandise in stock and inconvenient locations.
September 30, 2003 | From Bloomberg News
Wal-Mart Stores Inc., the world's largest retailer, said September sales would increase as much as 5%. J.C. Penney Co., the second-largest department-store chain in the U.S., said sales were at the low end of its forecast. Sales at U.S. stores open at least a year remained at the high end of Wal-Mart's forecast, a spokesman for the Bentonville, Ark.-based retailer said. J.C. Penney, based in Plano, Texas, had forecast an increase of 1% to 3% for the month ended Saturday.
August 24, 2003 | From Times Wire Reports
Gov. Kenny Guinn is joining Ely residents in an effort to save Nevada's oldest J.C. Penney store. In a letter, Guinn has urged company Chairman and Chief Executive Allen Questrom to reconsider the decision to close the Ely store. Opened in 1910, it's the last department store in the struggling mining town of 4,000 located 320 miles east of Reno. J.C. Penney spokesman Quinton Crenshaw said the company has extended the closing date from Oct. 25 to Jan. 10 in a concession to residents.
August 13, 2003 | From Reuters
J.C. Penney Co. and other U.S. retailers Tuesday posted fiscal second-quarter results largely in line with lowered expectations after uncooperative weather and waning consumer confidence dented demand. However, some retailers predicted stronger sales in the coming months, saying the U.S. economy was showing signs of recovery and recent tax rebates should provide a much-needed boost during the back-to-school shopping season. J.C.
May 30, 2003 | From Bloomberg News
J.C. Penney Co. had credit ratings on about $5.4 billion in debt reduced to below investment grade by Standard & Poor's, which said a turnaround will take longer than forecast. The retailer's ratings were dropped one level to BB-plus from BBB-minus, S&P said. J.C. Penney has about $5.2 billion in debt, while its Eckerd drugstore chain has about $200 million in receivables not counted on the balance sheet. Shares of J.C. Penney, based in Plano, Texas, fell 59 cents to $16.61 on the NYSE.
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