Getting your player ready...
J.C. Penny Co. Inc. today reported income from continuing operations of $1.09 per share for the fourth quarter ending Jan. 29, 2011, up 30 percent over a year ago.
Comparable store sales for the quarter grew 4.5 percent over last year due to the company’s merchandising initiatives, including the launch of exclusive brands such as Liz Claiborne, and its private brands.
The company also announced its board has approved a new $900 million open-market share-repurchase program to be funded with existing cash reserves. Share repurchases are expected to begin in March.
