J. C. Penney earned $136 million, or...
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J. C. Penney earned $136 million, or $1.09 per share, in the quarter ended April 25, up from $80 million, or 61 cents per share, a year earlier.
Sales rose to $3.79 billion from $3.43 billion.
Penney has fared better in recent months after a dismal 1991, partly because of the gradual improvement in consumer spending.
But analysts say Penney has helped itself by lowering prices to satisfy budget-conscious shoppers. That marks a change for Penney, which had been trying to reposition itself as a more upscale retailer when the economy soured.
The Dallas-based retailer’s stock was down 62.5 cents to $66.75 in late afternoon trading on the New York Stock Exchange.
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