The company reported net income stayed steady at $14 million, or 7 cents per share, for the second quarter ended July 30, compared with a year earlier.

As previously reported, net sales were down 0.8 percent to $3.91 billion, while same-store sales were up 1.5 percent.

Penney expects sales at stores open at least a year, or same-store sales, to rise between 2 percent and 3 percent in the third quarter.

Penney forecast earnings per share in the quarter will range between 15 and 20 cents, including a 5 cent restructuring charge.

Copyright Reuters, 2011