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Aggressive markdowns leave J.C. Penney Q2 profit flat
Plano, Texas -- J.C. Penney Co. reported Friday that net income for the quarter ended July 30 was flat at $14 million, citing aggressive markdowns for a lackluster performance that fell below Wall Street expectations.
Revenue dipped to $3.91 billion from $3.94 billion in the year-ago period. Same-store sales increased 1.5%.
According to J.C. Penney, its focus on the middle-to-lower-income shoppers creates a challenge, as those consumers face economic uncertainty heading into the back-to-school and holiday shopping seasons.
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Can we have separate checks?
Walmart’s policy of prohibiting employees from accepting the smallest of gratuities has been in place for a long time and for good reason. Veterans of the company will tell you that early on it was a key driver of success because there was a time when the retail industry was rife with merchants who tended to make buying decisions that were in their best interest as opposed to those of customers.