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J.C. Penney swings to Q4 profit on tax benefit, but revenue falls
New York -- In a sign of some progress in its turnaround efforts, J.C. Penney Co. reported a net profit of $35 million for the fourth quarter ended Feb. 1, 2014, compared to a loss of $552 million a year ago. Excluding a tax benefit and other items, Penney had a loss of $206 million for the quarter.
Looking forward, the company expects same-store sales to increase approximately 3% to 5% for the first quarter and to increase mid single digits for the full year 2014.
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Mixed bag for Dollar Tree in fourth quarter
Dollar Tree’s fourth quarter results were affected by the extra week in last year’s fourth quarter as well as continued economic challenges.
On a year-over-year basis, net income during the fourth quarter declined about 7% to $213 million from $228.6 million, and during the full year fell about 4% to $596.7 million from $619.3 million.