SACRAMENTO BUSINESS JOURNAL - JCPenney: Q4 Earnings Beat Expectations

Despite posting a profit that was 5.2 percent lower than last year, retailer J.C. Penney Co. said its earnings for the most recent fourth quarter outperformed the company’s forecast of earnings in the 77- to 82-cent range.

The Plano, Texas-based retailer posted a fourth-quarter profit of $200 million, or 84 cents per share, on revenue of $5.55 billion. That is slightly down from the company’s fourth-quarter profit of $211 million, or 95 cents per share, a year earlier on sales of $5.759 billion.

The company’s fourth-quarter results include costs associated with discontinued operations.

For the entire 2009 fiscal year, J.C. Penney posted a profit $251 million, or $1.08 per share, on revenue of $17 billion. That is down from a profit of $572 million, or $2.57 per share, on revenue of $18 billion.

Looking forward into 2010, J.C. Penney expects same-store sales to increase in the single digits. In addition, total sales will increase 30 to 50 basis points, the company predicted.

J.C. Penney has local stores at Sunrise Mall in Citrus Heights, Westfield Galleria at Roseville, Arden Fair mall in Sacramento and County Fair Mall in Woodland.