USA: Retail Giant JC Penney Doubles Q4 Profit
Retail giant JC Penney Co Inc on Thursday said it more than doubled its fourth quarter net profit to $202 million from $95m in 2001 on the back of better-than-expected holiday sales. The Texas-based company, which also owns the Eckerd drugstore chain, said in press release sales for the period rose just 0.1 per cent to $9.55 billion as it was hit by a 20.7 per cent drop in catalogue sales.
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