J. C. Penney Co. Inc. reported net income of $41 million for the first quarter, off 32.8% from $61 million last year. The cataloger and retailer attributed this result to charges associated with the sale of the Eckerd Drug store chain. The Plano, TX company reported sales of $4.03 billion for the quarter ended May 1, up 8.7% from $3.7 billion last year. Catalog/Internet sales rose 6.5% during the
Advertisement
J. C. Penney Co. Inc. reported net income of $41 million for the first quarter, off 32.8% from $61 million last year.
The cataloger and retailer attributed this result to charges associated with the sale of the Eckerd Drug store chain.
The Plano, TX company reported sales of $4.03 billion for the quarter ended May 1, up 8.7% from $3.7 billion last year. Catalog/Internet sales rose 6.5% during the quarter.
Penney is selling Eckerd in two parts to CVS Corp. and Jean Coutu Group. The firm expects a gain of $3.5 billion from the sale, which is expected to close this summer, according to news reports.
