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 a year rose 1.9%, J.C. Penney said in a statement. The company stated that the discontinuation of Big Book catalogs had an impact on net sales.

“We have seen clear signs of strength in key areas of the business,” said CEO Myron E. Ullman. “Improved sales combined with a focus on expense management allowed us to maintain high profitability.”

J.C. Penney forecast fourth-quarter earnings of 90 cents per share to $1 per share, with sales expected to increase 3% to 4% at stores open at least a year.