Plano, TX, February 24--J.C. Penney in the fourth quarter posted earnings that were up 30 percent to $333 million, or $1.17 a share.
In the fourth quarter of 2003 the company reported a loss of $1.07 billion, or $3.42 a share.
Excluding discontinued operations -- the company sold its Eckerd drugstore chain -- earnings from continuing operations soared to $328 million, or $1.16 a share, from $253 million, or 83 cents a share, last year.
On that basis, Penny's easily eclipsed analysts' average estimate by a nickel, according to Thomson First Call.
Sales for the quarter were off fractionally to $6.07 billion from $6.1 billion a year ago. Same-store sales, however were up 3 percent.
Chief Executive Mike Ullman said, "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."
Penny's forecast first-quarter 2005 earnings from continuing operations of 48 to 53 cents a share, in line with analysts' average outlook for earnings of 49 cents a share.
For the full year, the company projects earnings from continuing operations of $2.89 to $3.01 a share, against the average view of $3.10 a share.
