J.C. Penney's Q1 Operating Profit Up Almost 30 PercentJ.C. Penney Company Inc.'s operating profit climbed nearly 30 percent in the first quarter ended April 30 for a total of $313 million, the Plano, TX-based multichannel retailer reported yesterday.
For the company's first quarter, net sales increased 3.9 percent to $4.19 billion. Same-store sales rose 3 percent.
Also, J.C. Penney said its catalog/Internet sales were up 5.4 percent while Internet sales alone jumped 35 percent.
Gross margins improved to 41.3 percent of sales, reflecting improved merchandise assortments, better initial merchandise allocations and replenishment and improved seasonal transitions and clearance, the company said.
Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters