Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, February 25, 1994                   TAG: 9402250134
SECTION: BUSINESS                    PAGE: A-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

REPORTED EARNINGS

J.C. Penney Co. Inc. on Thursday reported that income, before the effect of an extraordinary charge, increased 17.1 percent to a record $439 million, or $1.65 per share, in its fourth quarter ended Jan. 29, from $375 million, or $1.42 per share, in the 1992 period. Including the charge, net income was $437 million, or $1.64 per share.

For the fiscal year, income before the charge and an accounting change was $944 million, or $3.55 per share, up from $777 million, or $2.95 per share, in 1992. Including the charge and the accounting change, net income was a record $940 million, or $3.53 per share, compared with the year-earlier $777 million, or $2.95 per share.