J.C. Penney profit inches higher

Analysts on average expect third-quarter earnings of $1.41 per share and fourth-quarter profit of $2.27 per share, according to Reuters Estimates.

For the full year, Penney expects earnings from continuing operations of $5.50 per share, in line with analysts' average forecast.

Penney said it expects third-quarter comparable-store sales to rise in the low-single digits, and total department store sales to be up in the low- to mid-single digits.

Penney shares were up $1.42 to $63.99 in early trade on the New York Stock Exchange.

(See http://blogs.reuters.com/category/themes/shop-talk/ for "Shop Talk" -- Reuters' retail and consumer blog)

(Reporting by Martinne Geller and Sarah Coffey)