JC Penney Co. Inc., Plano, TX, had second-quarter net income of $39 million, compared to $27 million in the same period last year.
Total revenue for the second quarter 1999 was $7.4 billion versus $6.8 billion in 1998–an increase of 8.1%.
Catalog sales, however, decreased 2.8%. The company attributed the decrease to a slow start of fall merchandise. “Gross margins for department stores and catalog increased 60 basis points, primarily due to the continuing shift to higher margin private and supplier exclusive brands,” said the company in a statement.
JCPenney Direct Marketing revenue increased 10% for the quarter–to $276 million from $251 million in the 1998 period. Revenue growth was led by health insurance and membership services.
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