Third largest departmental store owner in US, JC Penney has said that it is going to see net profit which is more than what it had expected. But on the same time it also added that the figures will be lesser than what the analysts had estimated.

This has happened, said the retailer, since the consumers are very cautious in their spending.

As per the Texas-based company, the profit of the company would be $1.64 per share, which is higher than its past estimation of $1.55 per share. But, it is lesser than the analyst figure of $1.66 per share.

Net income of the company increased two times to become $60 million. This is 25 cents higher than the past year. It is also in line with what the analysts had predicted. Revenue increased 1.2 per cent to become $3.93 billion. Its sales also saw an increase of more than 1 per cent.

The analyst average was derived by Bloomberg.

But, said the retailer, that the shoppers are responding well to the economy and have increased their spending.

Also as part of its plans, the company is looking forward to sell products of MNG and Mango.