J.C. Penney Co. Inc. saw net income for the fourth quarter double, helped by strong sales of clothing, jewelry, and home goods, The Associated Press reports.
The Plano, Tex.-based retailer earned $202 million in the quarter ended Jan. 25. That compared to $95 million a year earlier.
Revenue was nearly flat at $9.55 billion, compared to $9.54 billion a year ago.
Same-store sales rose 1.9% at Penney department stores and 2.5% at Eckerd drug stores.
The retailer’s catalog sales continued to stumble, with sales falling 20.7%, but Internet revenues rose 21.4%.
Penney has been slashing costs, including closing stores and laying off employees over the past two years, as part of chairman and chief executive Allen Questrom’s five-year turnaround plan for the venerable retailer.
Questrom said the department store and Eckerd divisions had both increased profit margins by about 1 percentage point per year.
For its fiscal year that ended Jan. 25, Penney reportedly said it earned $405 million compared to $98 million in 2001.
Revenue rose slightly to $32.35 billion from $32 billion the year before. Same-store sales for the year rose 2.6% at Penney’s and 5.2% at Eckerd.
Penney operates about 1,000 department stores and 2,600 drug stores.