J. C. Penney Co.: The department store...
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From Times Staff and Wire Service Reports
J. C. Penney Co.: The department store and catalogue retailer said net income in 1989 totaled $802 million, down 1% from 1988. Revenue rose 7% to $16.4 billion. The 1989 profit included a one-time $20-million charge for discontinuing Telaction, an interactive television shopping service. The 1988 profit included a $139-million gain from the sale of Penney’s former New York headquarters as a result of its decision to move to the Dallas suburb of Plano.
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