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J C Penny

 

JC Penney Reported First Sales Increase Since 2011


J.C. Penney said Thursday that a key sales barometer rose in October for the first time in nearly two years, a sign shoppers are slowly returning to the store brands brought back to its shelves.

But the beleaguered company, based in Plano, Tex., warned that its profit margins would be hurt as it had to discount heavily to get rid of an overhang of merchandise from the first half of the year.

Reporting by Anne D'Innocenzio