J.C. Penney profit jumps 36%
Dallas -- J.C. Penney Co. said that its fourth quarter profit rose 36% to $271 million, helped by cost controls and improving sales in such areas as men's apparel, women's accessories and beauty products from in-store Sephora boutiques. The retailer also announced plans to buy back $900 million of its shares, starting next month.
Revenue in the three-month period ended Jan. 29 rose 2.8% to $5.7 billion. Same-store sales were up 4.5%.
In response to rising cost pressures facing the retail industry, J.C. Penney said it plans “product engineering, strategic and alternative raw material acquisitions and advance production planning” to mitigate the impact.
For the full year, same-store sales increased 2.5%. Total sales increased 1.2%.