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These excerpts taken from the JCP 10-K filed Apr 1, 2008. Income from Continuing Operations Income from continuing operations was $1,105 million in 2007, compared to $1,134 million in 2006 and $977 million in 2005. 2007 was impacted by pressure on gross margins in a more promotional selling environment in the second half of the year. The impact of gross margin pressure from a weak consumer spending environment was more than offset by effective control of operating expenses, even with higher expenses related to new store openings. 2006 earnings increased as a result of strong sales and gross margin improvement, combined with lower interest expense and bond premiums. EPS from continuing operations in 2007 was $4.90, compared to $4.88 in 2006 and $3.83 in 2005. EPS in 2007 benefited from the reduction in average shares outstanding compared to the prior year due to the Company’s 2007 and 2006 common stock repurchase programs. Income from Continuing Operations in a more promotional selling environment in the second half of the year. The impact of gross margin pressure from a weak consumer spending environment was more than offset by effective control of operating expenses, even with higher expenses related to new store openings. 2006 earnings increased as a result of strong sales and gross margin improvement, combined with lower interest expense and bond premiums. EPS from continuing operations in 2007 was $4.90, compared to $4.88 in 2006 and $3.83 in 2005. EPS in 2007 benefited from the reduction in average shares outstanding compared to the prior year due to the Company’s 2007 and 2006 common stock repurchase programs.
(1) Includes the effect of the 53rd week in 2006. Excluding sales of $254 million for the 53rd week in 2006, (2) Comparable store sales are presented on a 52-week basis, and include SIZE="2">(3) Calculation includes the sales of stores that were open for the full fiscal year as of each year end, as well as online sales from jcp.com. The 2006 calculation excludes sales of the 53SIZE="1">rd week.
-18- Table of ContentsTotal net sales decreased $43 million, or 0.2%, from $19,903 Total net sales increased $1,122 million, or 6.0%, from $18,781 million in 2005 to $19,903 million in 2006. Comparable store sales increased This excerpt taken from the JCP 10-K filed Apr 4, 2007. Income
from Continuing Operations
In 2006, the Company achieved its sixth consecutive year of
earnings improvement. Income from continuing operations was
$1,134 million, $977 million and $657 million in
2006, 2005 and 2004, respectively. Earnings increased as a
result of continued strong sales growth and further gross margin
improvement, combined with lower interest expense and bond
premiums. EPS from continuing operations increased 27% in 2006
to $4.88, compared to $3.83 in 2005 and $2.20 in 2004. EPS also
benefited from the Company’s common stock repurchase
programs.
This excerpt taken from the JCP 10-K filed Apr 6, 2006. Income from Continuing Operations 2005 represented the Company’s fifth consecutive year of earnings improvement. Income from continuing operations was $977 million, $657 million and $360 million in 2005, 2004 and 2003, respectively. Earnings increased as a result of continued strong sales growth, further gross margin improvement and leveraging of SG&A expenses, combined with lower interest expense and bond premiums and higher income reflected in Real Estate and Other. EPS from continuing operations increased 74% in 2005 to $3.83, compared to $2.20 in 2004 and $1.20 in 2003. EPS also benefited from the Company’s 2005 and 2004 common stock repurchase programs, which were completed early in the fourth quarter of 2005. | EXCERPTS ON THIS PAGE:
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