Mixed Results For J.C. Penney

Fourth-quarter direct (catalog and Internet) sales for Plano, TX-based general merchant J.C. Penney Co. sales decreased 1.2% for the period ended Feb. 3, though Internet sales increased 17.6%. Total profits for the quarter fell 13.4%, as net income plunged to $477 million — down from $551 million in the fourth quarter last year. Revenue rose 7%, to $6.66 billion from $6.20 billion last year. Total department store sales for the quarter increased 4.1%. Same-store sales grew 2.2%.

For the full year, J.C. Penney’s direct sales increased 4.1% while Internet sales rose 24.4%. Net income was up 6% for the year to $1.15 billion, up from $1.08 billion. Revenue grew 6%, to $19.90 billion from $18.78 billion. Total department store sales rose 6.3%. Same-store sales increased 3.7%. The company opened 28 new stores during the year.

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