J.C. Penney Co. Inc., Plano, TX, has reported first-quarter sales and revenue of $7.5 billion, up 7.3% from $7.05 billion during the same period last year. Sales and revenue at the department stores and catalog increased 0.1% to $4.2 billion, while Eckerd drugstores division sales and revenue went up 18.8% to $3.04 billion.
The first quarter ended May 1.
Net income for the quarter was $167 million, as compared with $174 million in last year’s first quarter.
Noting that catalog sales performed well during this period, James E. Oesterreicher, chairman and CEO, said in a statement, “We exceeded analysts’ expectations, but realize our performance in JCPenney department stores needs further improvement.”
The company said it plans to strengthen the JCPenney credit card by outsourcing it to a third-party credit card provider and selling that provider its credit card receivables portfolio. The retailer also plans an initial public offering of approximately 20% of a tracking stock, covering the Eckerd drugstores business.
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