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Dollars Up at Penney

PLANO, TX-JCP stock hits a 52-week high as 3Q sales show increases in all categories, regions and channels.

By Marita Thomas | Updated on November 09, 2006

PLANO, TX-Efforts to improve the image of J.C. Penney are paying off. The retailer announces record third-quarter earnings, sales and profits. On the news, shares of JCP stock on the NYSE hit a 52-week high of $79.96 a share, up from a low of $51.80 a share on Nov. 3, 2005.

Operating profits for locally based J.C. Penny Co. Inc. rose 24.1% to a record $504 million during third quarter. Total department store sales rose 7%, comp department store sales were up 5.2%, and internet sales spiked 27% compared with the same quarter a year ago.

Private label brands and the opening of 25 new stores during the quarter were significant contributors to the rise in fortune. Of the 25 new units, 22 were in off-mall locations, a strategy the chain will continue to pursue.

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