By ANNE D'INNOCENZIO
ASSOCIATED PRESS
NEW YORK — J.C. Penney Co. reported that its first-quarter net income more than doubled as the department store operator benefited from sales improvements across most types of merchandise and tighter inventory.
The retailer raised its full-year guidance on Friday, but even the higher forecast and the second-quarter outlook was muted as its consumers remain “concerned about their budgets.”
The chain on Friday posted net income of $60 million, or 25 cents per share, for the quarter ended May 1. That compares with $25 million, or 11 cents per share, in the year-ago period.
Total revenue rose 1.2 percent to $3.93 billion. Revenue at stores opened at least a year rose 1.3 percent. The measure is considered a key indicator of a retailer's health.
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