J. C. Penney Company Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended October 31, 2009. For the quarter, total net sales were $4,179 million against $4,318 million a year ago. Operating income was $107 million against $255 million a year ago. Income from continuing operations before income taxes was $43 million against $199 million a year ago. Income from continuing operations was $27 million against $123 million a year ago. Net income was $27 million or $0.11 per basic and diluted share against $124 million or $0.56 per diluted share a year ago. Adjusted operating income (non-GAAP) was $180 million against $222 million a year ago. Adjusted income from continuing operations (non-GAAP) was $72 million or $0.30 per diluted share against $103 million or $0.46 per diluted share a year ago. For the nine months, total net sales were $12,006 million against $12,727 million a year ago. Operating income was $280 million against $746 million a year ago. Income from continuing operations before income taxes was $85 million against $582 million a year ago. Income from continuing operations was $51 million against $359 million a year ago. Net income was $51 million or $0.22 per basic and diluted share against $361 million or $1.62 per diluted share a year ago. Net cash provided by total operating activities was $473 million against $154 million a year ago. Capital expenditures were $424 million against $738 million a year ago. Adjusted operating income (non-GAAP) was $507 million against $647 million a year ago. Adjusted income from continuing operations (non-GAAP) was $190 million or $0.82 per diluted share against $299 million or $1.34 per diluted share a year ago. For the fourth quarter of 2009, the company's total sales expected to decrease 3 to 5%. Comparable store sales expected to decrease 4 to 6%. Earnings per share are expected to be in the range of $0.70 to $0.85 per share. For fiscal 2009, the management has raised its full year expectations for comparable store sales and earnings. Comparable store sales are now expected to decrease 6.5 to 7%, and earnings are expected to be in the range of $0.93 to $1.08. The company had previously provided, expectations that full year comparable store sales would decrease approximately 7 to 7.5% and earnings would be in the range of $0.75 to $0.90.

J. C. Penney Company, Inc. reported sales results for the four weeks, 13 weeks and 39 weeks ended October 31, 2009. For the four weeks, the company reported that its comparable store sales decreased 4.5%. In last year's October period, comparable store sales decreased 13%. Total company sales in October decreased 3.5% to $1,313 million compared to $1,361 million in 2008. For the 13 weeks, the company reported that its comparable store sales decreased 4.6%. In last year's same period, comparable store sales decreased 10.1%. Total company sales for the period, decreased 3.2% to $4,179 million compared to $4,318 million in 2008. For the 39 weeks, the company reported that its comparable store sales decreased 7.2%. In last year's same period, comparable store sales decreased 7.3%. Total company sales for the period, decreased 5.7% to $12,006 million compared to $12,727 million in 2008. The company provided sales guidance for the four week period ending November 28, 2009. The company's guidance for the four-week period is for a 4% to 7% decrease in comparable store sales, compared to an 11.9% decrease in last year's November period. The company revised up earnings guidance for the third quarter of 2009. The company now expects third quarter earnings to be in the range of $0.10 to $0.11 per share, including a charge of approximately $0.03 per share, primarily related to non-recurring real estate impairments. The company's most recent guidance was for third quarter earnings to be in the range of $0.03 to $0.10 per share.

J. C. Penney Company, Inc., Q3 2010 Earnings Call, Nov-13-2009