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J.C. PENNEY DECLARES TWO-FOR-ONE STOCK SPLIT; RAISES QUARTERLY DIVIDEND

 PLANO, Texas, March 10 /PRNewswire/ -- The board of directors of J.C. Penney Company, Inc. (NYSE: JCP) today declared a two-for-one split of the company's common stock and increased the quarterly cash dividend 9.1 percent.
 In making the announcement, William R. Howell, chairman of the board, said, "In taking these very positive steps, the board has recognized the strong performance of our company in l992 and demonstrated its confidence in our prospects for continued profitable growth in the years ahead."
 The regular quarterly dividend on the company's outstanding common stock was increased 6 cents to 72 cents per share. The increase brings the indicated annual rate to $2.88. On a split basis, the quarterly cash dividend was increased 3 cents to 36 cents per share, an indicated annual rate of $1.44.
 Both the stock split in the form of a stock dividend and the increased cash dividend will be payable on Saturday, May 1, l993, to stockholders of record on Monday, April 12, l993.
 -0- 3/10/93 R
 /CONTACT: Duncan Muir of J.C. Penney, 214-431-1329/
 (JCP)


CO: J.C. Penney Company,Inc. ST: Texas IN: REA SU: DIV

WB -- NY049R -- 4780 03/10/93 15:02 EST
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Publication:PR Newswire
Date:Mar 10, 1993
Words:202
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