J.C. Penney beats 4Q profit forecasts

J.C. Penney Co. on Friday reported fiscal fourth-quarter net income of $192 million, after reporting a loss in the same period a year earlier.

The Plano, Texas-based company said it had profit of 61 cents per share. Earnings, adjusted for one-time gains and costs, came to 64 cents per share.

The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.

The department store operator posted revenue of $3.96 billion in the period. Eight analysts surveyed by Zacks expected $3.97 billion.

Penney expects full-year earnings in the range of 40 cents to 65 cents per share.

Penney shares have declined 17 percent since the beginning of the year. The stock has decreased 9 percent in the last 12 months.

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