First quarter total department store sales increased 2.2 percent and comparable department store sales increased 1.3 percent, in line with the company's expectations. Sales were strongest in fine jewelry, family footwear, children's, and men's with the best regional performance in the southeastern and western regions of the country.
During the quarter, direct sales increased 3.9 percent, primarily as a result of continued strength from jcp.com, which increased approx. 22 percent on top of a 35 percent increase last year.
First quarter operating profit was $369 million, a 19.8 percent increase from last year's $308 million. As a percent of sales, operating profit increased 120 basis points to 8.7 percent of sales from 7.5 percent of sales last year.
Income from continuing operations increased 24.6 percent to $213 million, and earnings per share from continuing operations increased 45.2 percent to $0.90 per share. Net income, which includes discontinued operations, was $210 million, or $0.89 per share.
JC Penney Corporation Inc, the wholly owned operating subsidiary of JC Penney Company Inc, is one of America's largest department store, catalog, and e-commerce retailers, employing approximately 151,000 associates. It operates 1,021 JCPenney department stores throughout the United States and Puerto Rico.
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