J.C. Penney Co., the No. 2 U.S.
department-store company, said third-quarter profit declined
35 percent, dragged down by plunging earnings at its Eckerd
drugstore chain.
Net income fell to $80 million, or 27 cents a share, from
$123 million, or 42 cents, a year earlier. Sales in the three
months ended Oct. 25 rose 1.4 percent to $7.99 billion, the
Plano, Texas-based retailer said in a statement.
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The company cut prices at Eckerd, which accounted for about
a third of profit and half of sales last year, to lure customers
back from CVS Corp. and Walgreen Co., which have opened stores at
more convenient locations. Chief Executive Allen Questrom is
seeking a buyer for the drugstore chain so he can focus on
reviving sales at the main department stores.
Bloomberg News
