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PLANO, Texas (AP) - J.C. Penney Co. posted a 13 percent increase in first-quarter income on strong sales of exclusive fashions, and the department store chain raised its profit outlook for the year on Thursday.
Shares of Penney rose $3.85 or 5.1 percent, to $79.57 in midday trading.
Chairman and Chief Executive Myron E. Ullman III told investors in a conference call Thursday that the company was benefiting from strong sales of private-label brands and improved inventory flow, which gets fashions on the shelves more quickly.
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