Friday, 12th May 2006 (3612 views)

JCPenney recorded a 20 per cent increase in its operating profit for the first quarter, pushed on by a positive three months for gold jewellery sales.

The US store, which sells gold items such as charms, bracelets, earrings and rings, said that the operating profit also increased to 8.7 per cent of sales, with the net share income coming in at $0.89.

Myron E Ullman III, chairman of JCPenney, said: "We are pleased with the progress the company continues to make in executing the long range plan, which is focused on building long term growth for our business."

He went on to say that earrings in particular saw a strong increase in sales.

Meanwhile, JCPenney is continuing with its long-term plan to improve the delivery of its existing business as well as achieving further growth.

 

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