Profits Grow at J.C. Penney

Plano, Texas, J.C. Penney reported that income from continuing operations increased to $328 million, up 30% from $253 million last year. Full-year operating profit increased 66% to 7.1% of sales. During the fourth quarter, comparable department store sales increased 3% with positive results in all merchandise divisions and all regions of the country.

“We are very pleased with the improvements we continue to achieve in our business,” said Myron Ullman, chairman and CEO. “Our results reflect the impact of effective merchandising programs, including transition of seasonal product, compelling marketing and continued improvement in the shopping experience in our stores.”