Penney closes more stores as sales deteriorate

NEW YORK — J.C. Penney is closing more stores after a weak holiday sales season.Fourth-quarter income tumbled nearly 70 per cent and revenue slid 8 per cent.It did beat Wall Street expectations, and shares jumped 18 per cent before the opening bell Thursday.The company’s net income was $75 million, or 24 cents per share, for the quarter. That compares with $242 million, or 77 cents per share, a year ago.Adjusted per share was 18 cents per share, 7 cents better than analyst had projected, according to a survey by FactSet. Revenue was $3.78 billion, also beating expectations.Same-store sales fell 4 per cent, and the company says it’s closing 18 stores.Anne D’Innocenzio, The Associated Press

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