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JC Penney 1Q Profit Rises Nearly 7%
NEW YORK (AP) -- J.C. Penney Co. says its first-quarter net income rose nearly 7 percent because of cost-cutting and strong reception to its exclusive merchandise.

The company says it earned $64 million, or 28 cents per share, for the three months ended April 30. That compares with $60 million, or 25 cents per share, in the same period last year.

Revenue edged up to $3.94 billion from $3.93 billion. Penney's revenue at stores open at least a year rose 3.8 percent. The gauge is a key indicator of a retailer's health.

Analysts had predicted earnings of 26 cents on revenue of $3.94 billion, according to FactSet.

The company also issued profit guidance in line with analysts' projections.

J.C. Penney is based in Plano, Texas.

(Copyright 2011 by The Associated Press. All Rights Reserved.)
05 16 11 by Newsroom
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