J.C. Penny (JCP) Reports First Quarter Results

J.C. Penny Company JCP has reported its first quarter results. Net income rose from $0.11 per share reported a year earlier to $0.25 per share, or $25 million, in the first quarter, a huge jump of 127 percent. Sales increased by 1.2 percent in first quarter. The company has attracted budget conscious customers by ‘ reinforcing the style authority with fashion sensibility, head-to-toe looks and promotions that made what we had to offer highly affordable for America’s families’, according to the company’s CEO. Shares of J.C. Penny were down 2.34% to $27.51 in early trading today.