Additionally, J. C. Penney will renovate 300 of its stores inthe next half decade, including 65 during the coming 12 months.Capital expenditures for the 2007 fiscal year are forecast at $1.2billion.
"We've had no difficulty working with developers to findoff-mall locations," said Myron Ullman III, chairman and chiefexecutive officer, during the company's first-quarter conferencecall. "We're hitting our metrics on new stores."
During the quarter ended May 5, year-over-year, same-store salesat its just more than 1,000 units rose 2.2% year over year, whiletotal sales were up 3.1% and hit just under $4.4 billion. Operatingincome shot up 9.7%, reaching $419 million.
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