J.C. Penney Raises Profit Forecast on Inventory Cuts

J.C. Penney Co., the third-largest U.S. department-store company, raised its annual profit forecast after third-quarter results exceeded its expectations. The shares jumped in early U.S. trading.

The Plano, Texas-based company projected annual profit of as much as $1.08 a share, compared with the 90-cent maximum it previously predicted, according to a statement today.

Gross margin, a measure of profitability that indicates the percentage of sales left after the cost of goods sold, widened by 2.1 percentage points in the third quarter, as the company held down inventories and reduced clearance.

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- Posted: 2009-11-13 11:17:45

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