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JC Penney names Michael Fung as its interim CFO

Pedestrians pass a JC Penney store in New York.
Scott Mlyn | CNBC

Department store operator J.C. Penney on Monday named Michael Fung its second interim chief financial officer in less than a month.

J C Penney last month said its Chief Financial Officer Jeffrey Davis planned to step down effective Oct. 1 and appointed Jerry Murray as interim chief financial officer.

Fung has been the interim CFO for Neiman Marcus and 99 Cents Only Stores following his retirement from Walmart Stores.

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Key Points
  • Tapestry topped Wall Street estimates for third-quarter sales on Tuesday.
  • Results were helped by stronger demand for Coach and Kate Spade handbags.
  • Sales at Coach, which makes up over 70 percent of Tapestry's overall sales, rose 4 percent in the three months ended Sept. 29.