<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND RELATED CONSOLIDATED STATEMENT OF INCOME
OF J. C. PENNEY COMPANY, INC. AND SUBSIDIARIES AS OF MAY 1, 1999, AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-29-2000
<PERIOD-END> MAY-01-1999
<CASH> 168
<SECURITIES> 250
<RECEIVABLES> 4,268
<ALLOWANCES> 103
<INVENTORY> 6,078
<CURRENT-ASSETS> 10,841
<PP&E> 8,351
<DEPRECIATION> 2,889
<TOTAL-ASSETS> 23,658
<CURRENT-LIABILITIES> 5,924
<BONDS> 6,821
0
464
<COMMON> 3,219
<OTHER-SE> 3,799
<TOTAL-LIABILITY-AND-EQUITY> 23,658
<SALES> 7,258
<TOTAL-REVENUES> 7,532
<CGS> 5,292
<TOTAL-COSTS> 6,984
<OTHER-EXPENSES> 117
<LOSS-PROVISION> 13
<INTEREST-EXPENSE> 151
<INCOME-PRETAX> 267
<INCOME-TAX> 100
<INCOME-CONTINUING> 167
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 167
<EPS-BASIC> 0.62
<EPS-DILUTED> 0.61
</TABLE>