FINANCE

J.C. Penney Posts Q2 Growth

BY CSA STAFF

Plano, Texas, J.C. Penney posted second-quarter earnings from continuing operations of $122 million, up 79% from $68 million, in the same period last year. There were fewer shares outstanding in the most recent quarter.

Net income amounted to $131 million in the latest quarter and $1 million in the year-earlier period.

Sales rose 5.4% in the three months ended July 30 to $3.98 billion from $3.78 billion a year earlier. Same-store sales increased 4.2%.

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Great Atlantic & Pacific Tea Co. Finalizes Sale of A&P Canada

BY CSA STAFF

Montvale, N.J., The Great Atlantic & Pacific Tea Company has announced that it has completed the sale of A&P Canada to Metro Inc., a supermarket and pharmaceutical operator in Quebec and Ontario, Canada, for approximately $1.55 billion.

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OfficeMax Consolidates Corporate Headquarters

BY CSA STAFF

Itasca, Ill., OfficeMax Inc. will consolidate its headquarters in Illinois. It expects to choose a Chicago-area location for the headquarters by the end of September 2005. Currently, OfficeMax’s corporate headquarters is located in Itasca, Ill., and its retail headquarters is in Shaker Heights, Ohio.

Sam Duncan, president and CEO of OfficeMax, said, “Bringing our headquarters’ associates together is a normal progression of the company’s integration efforts and we believe it will facilitate customer service as well as provide better support for our retail and contract businesses. We will emphasize a smooth transition as we consolidate our headquarters, keeping the need of our customers and our associates a priority.”

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