J.C. Penney surprises investors with improved results
J.C. Penney surprised investors Thursday as it sharply cut its losses and reported its third consecutive quarter of sales increases.
The company also said that CEO Mike Ullman is recovering from a “surgical procedure” but is expected to be back soon. Ullman, 67, wasn’t on the conference call with analysts.
The Plano-based retailer reported a second-quarter sales increase of 6 percent as part of its critical turnaround this year. The recent sales gains are welcome after Penney lost one-fourth of its business in 2012 and 2013 under a failed attempt to reinvent the department store by former... read more
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