J.C. Penney Reports Third Quarter Earnings of 19 Cents Per Share

Department store operator J.C. Penney (JCP) reported third-quarter earnings of 19 cents per share, compared with 11 cents per share a year earlier.

Net sales rose 0.2% to $4.2 billion, while sales at stores open at least on year gained 1.9%, J.C. Penney said in a statement. The discontinuation of the company's Big Book catalogs impacted net sales, the company said.

"We have seen clear signs of strength in key businesses," CEO Myron E. Ullman said. "Our improving sales combined with our focus on managing expenses allowed us to maintain strong profitability."

J.C. Penney forecast earnings of 90 cents per share to $1 per share for the fourth quarter, with sales at stores open at least one year expected to rise by 3% to 4%.