Same-store sales improved in the second quarter but profit was hit by heavy markdowns to clear unsold merchandise.
The SEC says Adam Derbyshire failed to disclose high wholesaler inventory levels of Salix's drugs resulting from its practice of overselling demand.
Higher borrowing costs are starting to offset the effects of a strong economy, but house prices are still rising.
The retailer benefited in Q2 from the closures of rival department stores and its efforts to downsize its own locations.
J.C. Penney has moved from "buying to store capacity" to "buying and chasing" into demonstrated sales trends, says CFO Jeffrey Davis.
A weaker inventory buildup than first estimated could bode well for second-quarter gross domestic product numbers.
The automaker's operating results were "very strong, and actually great" in the quarter and for the full year, CFO Chuck Stevens says.
Penney's surprising 1.7% gain in same-store sales indicates its "strategy of purging excess inventory and closing underperforming stores" is paying off.
The struggling retailer now projects a loss of between 40 cents to 45 cents a share due to clearance of apparel inventory.
The company has been he company has been keeping a "razor-like focus" on its inventory amid sluggish sales and online competition.
“Strong results in North America and China, solid improvement in South America and continued growth of GM Financial drove another strong quarter."
A 15-year surge in corporate cash flow may come to an end if companies can't generate any more inventory efficiencies.
