J.C. Penney Sales Top Expectations

J.C. Penney Co. said same-store sales at its department stores significantly topped its expectations in September, due in part to special sales promotions.

The retailer, which also operates the Eckerd drugstore chain, said it continues to back its operating earnings forecast of 11 cents to 15 cents a share in the third quarter and 30 cents to 35 cents for fiscal 2001. The company earned 24 cents a year ago.

Analysts polled by Thomson Financial/First Call on average expected a third-quarter profit of 12 cents and a 2001 profit of 30 cents.

Penney said September sales at its department stores and Eckerd drugstores open at least a year rose 8.1% from a year-ago. Department store sales were boosted by marketing and promotional programs, the company said.

Shares of Penney fell 21 cents to $22.99 on the NYSE. The news was reported after the markets closed.