P.M. BRIEFING : Profits Up 21.2%, J. C. Penney Says
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J. C. Penney Co. Inc. said today that improved sales in its fashion apparel business helped it post a 21.2% profit increase in the second quarter, while earnings doubled for another retailer, Dayton Hudson Corp.
The Dallas-based Penney reported that it earned $98 million, or 74 cents per share, in the three months ended July 29, compared to $81 million, or 61 cents a share, a year earlier.
Second-quarter revenue rose 5.1% to $3.51 billion from $3.34 billion.
From Minneapolis, Dayton Hudson said it earned a record $56 million, or 72 cents a share, in the three months ended July 29, up from $28 million, or 34 cents a share, a year earlier.
Second-quarter revenue increased 15% to $3.10 billion from $2.69 billion a year ago.
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