Sales indicate Penney's rebound is taking hold
J.C. Penney Co.'s turnaround is moving along. The department store chain, based in Plano, Texas, said Friday its fourthquarter loss widened from a year ago, dragged down by restructuring and pension costs. But adjusted profit met analysts' estimates and the chain enjoyed an uptick in holiday spending. Penney's said it saw a solid 4.1 percent increase in revenue at stores open at least a year, an important indicator of a retailer's health. The company also offered an upbeat sales outlook.
IRS says 2015 breach was worse than thought
The IRS said Friday that the number of taxpayers whose tax information may have been stolen by computer hackers now exceeds 700,000 — more than double the agency's previous estimate. The tax-collecting agency said 390,000 more taxpayer accounts may have been compromised than the 334,000 it warned about a year and a half ago. The breach was discovered in May 2015, and the sensitive information can be used for identity theft or to claim fraudulent tax refunds.
Evenflo recalls child safety seats
Evenflo is recalling more than 56,000 child safety seats because children can loosen the internal harness, increasing the risk of injury in a crash. The recall covers Transitions Three-in One Combination Booster Seats made from Dec. 18, 2014, through Jan. 29, 2016. Evenflo said the problem affects the seats only when they're used as forward-facing harnessed boosters.