Department stores continued to put up strong results, with profits up smartly at JCPenney and Dillard's. JCPenney says its net income for the first quarter rose 140% to $60 million, compared to $25
million last year.
Total sales increased 1.2%, and comparable-store sales increased 1.3%, leading the Plano, Tex.-based chain to raise its financial forecast for the year.
And Dillard's
says its net income rose to $48.8 million, compared to $7.7 million in the same period a year ago. And while total sales declined slightly to $1.45 billion, comparable-store sales for the Little Rock,
Ark.-based chain rose 2%.--Sarah Mahoney