Earnings Guidance
As a result of an acceleration of the company's share repurchase program due to recent market conditions, management is raising earnings per share guidance for the third and fourth quarters. Management now expects earnings from continuing operations to be approximately $0.84 per share and $1.56 per share for the third and fourth quarters, respectively.
This earnings guidance assumes average diluted outstanding common shares of approximately 249 million and 235 million shares for the third and fourth quarters, respectively.
The company had previously guided to earnings from continuing operations of $0.82 per share and $1.52 per share for the third and fourth quarters, respectively. Management continues to expect full year operating profit to be in the area of eight percent of sales, consistent with previous guidance.
J. C. Penney Corporation, Inc., the wholly owned operating subsidiary of J. C. Penney Company, Inc, is one of America's largest department store, catalog, and e-commerce retailers, employing approximately 150,000 associates.
JCPenney Catalog, including e-commerce, is the nation's largest catalog merchant of general merchandise, and JCPenney.com is one of the largest apparel and home furnishings sites on the Internet. J. C. Penney Corporation, Inc. is a contributor to JCPenney Afterschool Fund, a charitable organization committed to providing children with high quality after school programs to help them reach their full potential.
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