Financial Reports: Penney, Design Within Reach

Penney Posts 13% Bottom-Line Boost
J.C. Penney Co. reported a 13% increase in first-quarter net income, to $238 million. That follows a 22% rise in the bottom line during the first quarter of 2006, to $210 million. For the 13 weeks ended May 5, total revenue increased 3%, to $4.35 billion. Direct sales slipped nearly 4%, though sales at jcpenney.com grew 22%. Same-store sales increased 2%, while total department store sales increased 4%.

Direct Sales Up 3% at Design Within Reach
First-quarter direct sales for modern furniture cataloger/retailer Design Within Reach increased 3%, to $11.0 million from $10.7 million. Officials at the San Francisco-based company said the increase was due to higher Internet sales. The performance is noteworthy since the company’s direct sales had tumbled 18% in the first quarter of 2006.

For the 13 weeks ended March 31, total sales rose 25%, to $43.8 million from $35.0 million. Net loss for the first quarter was $3.8 million compared with a net loss of $4.2 million for the same period last year

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