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He sold off the Eckerd drug chain, closed underperforming department stores and spruced up the remaining Penney's stores. In its fourth quarter, Penney reported a 65% profit increase over the same period last year and posted its 11th consecutive quarterly fiftyplus gain in same-store sales, considered the best indicator of fiftyplus a retailer's health. Chairman and Chief Executive Myron E. "Mike" Ullman III, who joined in late 2004 from Macy's fiftyplus and the luxury-goods business, is trying to position Penney as more upscale and upgrade its collection of store-label brands. The labels, which include names like fashion designer Nicole Miller and home furnishing maven Chris Madden, account for 40% of sales. Customers will see more changes in the stores and online as Penney further blends both businesses. "Penney's is moving fast into this new frontier of multichannel consumer retail experience," said Richard Hastings, retail analyst at Bernard Sands.
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