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J.C. Penney's 3Q profit rises on exclusives

J.C. Penney is reporting that its earnings nearly doubled in the third quarter. The department store retailer says it saw strong reception to new exclusive brands such as Liz Claiborne and MNG by Mango.

The company also is offering an upbeat profit outlook for the holiday quarter.

The department store chain says its net income was $44 million, or 19 cents per share, in the quarter ended Oct. 30. That compares with $27 million, or 11 cents per share, in the year-ago period.

Revenue reached $4.19 billion, up from $4.18 billion in the same period last year.

Analysts expected profit of 17 cents per share on revenue of $4.25 billion for the period.

J.C. Penney is based in Plano, Texas.