Article: Penny's net up in 4th quarter despite sales dip. (J.C. Penny)

Penney's Net Up In 4th Quarter Despite Sales Dip

J.C. Penney Co., Inc.'s earnings increased 10.7 percent in the fourth quarter and climbed 27.2 percent in the year ended Jan. 30.

In the quarter, earnings totaled $280 million, or $1.93 a share, compared with $253 million, or $1.70, in the year-ago period. Results in the quarter included a loss of $16 million on the sale of Penney's Belgian operations, while year-ago results included an extraordinary charge of $17 million, or 10 cents, from debt restructuring.

Sales slipped 0.9 percent to $4,943,000,000 from $4,989,000,000.

For the year, earnings reached $608 million, or $4.11, compared with $478 million, or ...

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