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J.C. Penney shines; beats department store doldrums
Home goods and Sephora helped J.C. Penney turn a page on the ongoing story of its story of transformation by exceeding top-line growth expectations in the third quarter.
For its third quarter ended Oct. 31, the company cut its loss by 27% to $137 million, or 45 cents a share. It reported net sales of $2.90 billion, compared to $2.76 billion in the year-ago period. Same-store sales increased 6.4%.
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Target to debut smaller store format in Manhattan
Target Corp. is bringing its smaller-sized, urban format to one of lower Manhattan’s trendiest — and wealthiest — neighborhoods.
The retailer will open an approximately 45,000-sq.-ft. store on Greenwich Street in Tribeca, near Battery Park, a fast-growing and affluent residential area, and the Financial District.
The two-level store is scheduled to open in October 2016. It is located in a 14-story, 625,000-sq.-ft. mixed-use building, whose landlord is Jack Resnick & Sons.