SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    _________

                                    FORM 8-k

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                       THE SECURITIES EXCHANGE ACT OF 1934

         Date of Report (Date of earliest event reported): May 13, 2003




                           J. C. Penney Company, Inc.
             (Exact name of registrant as specified in its charter)



 Delaware                            1-15274                      26-0037077
(State or other jurisdiction    (Commission File No.)          (I.R.S. Employer
  of incorporation )                                         Identification No.)

6501 Legacy Drive
Plano, Texas                                            75024-3698

(Address of principal executive offices)                (Zip code)


Registrant's telephone number, including area code:  (972) 431-1000


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Item 7.  Financial Statements and Exhibits.

(c)      Exhibits.

         99.1                   News Release announcing 2003 first quarter
                                consolidated earnings issued May 13, 2003.


Item 9.  Regulation FD Disclosure

     J.  C.  Penney  Company,  Inc.  issued  a news  release  on May  13,  2003,
announcing  its 2003 first  quarter  consolidated  earnings.  This  information,
attached as exhibit 99.1, is being furnished  pursuant to Item 12 of Form 8-K in
accordance with the interim guidance set forth in SEC Release 33-8216/34-47583.

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                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                                J. C. PENNEY COMPANY, Inc.
                                                    (Registrant)
                                                 /s/  Robert B. Cavanaugh
                                                ------------------------------
                                                   Robert B. Cavanaugh
                                                   Executive Vice President,
                                                   Chief Financial Officer


Date:  May 15, 2003
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                                  EXHIBIT INDEX



Exhibit Number                         Description

         99.1                          J. C. Penney Company, Inc. News Release
                                       issued May 13, 2003