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

DATE: WEDNESDAY, November 17, 1993                   TAG: 9311170007
SECTION: BUSINESS                    PAGE: B-5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

REPORTED EARNINGS

J.C. Penney Co., Dallas-based retailer with stores in Roanoke, on Tuesday reported record third-quarter income of $221 million, or 83 cents per share, before the effect of an extraordinary non-cash charge to adjust deferred taxes. Excluding the charge, income was $235 million, or 88 cents per share, up 26.3 percent from $186 million, or 70 cents per share, in the 1992 quarter.

Net income in the quarter was $185 million, or 69 cents per share, including an extraordinary charge of $36 million, or 14 cents per share, for the early retirement of high-cost debt.

The company registered sales gains of 8.1 percent in JCPenney stores, 15.2 percent in catalog and 9.1 percent total.

For 39 weeks, net income was $503 million, up from $402 million in 1992.

Littlefield, Adams

Littlefield, Adams & Co. on Tuesday reported pretax earnings of $438,000, or 22 cents a share, for the third quarter ended Sept. 30. Revenue was reported at $3.9 million. This compares to earnings of $90,000, or 5 cents a share, on revenues of $1.6 million in the 1992 quarter.