JC Penney has reported net income of $14m (£9m) for the second quarter of 2010, compared with a loss of $1m (£640,000) for the same period last year. Like-for-like sales were positive for the second consecutive quarter, increasing 0.9% from last year, although total sales were down 0.1% at $3.93bn (£2.52bn).
The strongest performers were men’s apparel and women’s accessories. Online sales through Jcp.com were $317m (£203m), up 4% over the same period last year. In the quarter, the company grew its store and internet sales, while continuing to tightly manage its business and control expenses. This resulted in it delivering record level gross margins for the period, maintaining a strong cash position and financial flexibility to support its growth initiatives.