Reduced business costs help JC Penney's fiscal quarter profit jump

As retailers across the U.S. have reported quarterly earnings for the last fiscal quarter, there have been mixed reports as some businesses like Macy's have succeeded in bolstering sales, while others have lagged. This week, retailer JC Penney beat analysts' expectations as it cut business costs to increase its net profit.

JC Penney announced this week that its profit rose six percent from the same period the year prior thanks to an aggressive push to reduce its business costs amid a tepid economic environment. Further, the company successfully unveiled an exclusive merchandise collection that helped boost sales.

The retailer earned $64 million, or 28 cents per share, during the quarter. During the company's first fiscal quarter, revenue rose to $3.94 billion, while revenue at stores open at least a year - a key gauge used by the industry to determine strength - jumped 3.8 percent.

"We are successfully implementing our merchandising initiatives, with strong gains in both our men's and women's apparel businesses," JC Penney chief executive Myron E. Ullman III said in a statement. "Additionally, the steps we have taken to manage our expenses position us to increase the flow-through of sales to the bottom line."