J. C. Penney Co. Inc. reported net income of $477 million for the fourth quarter, a 13.4% decrease from $551 million last year.
Plano, TX firm posted net sales of $6.7 billion for the quarter ended Feb. 3, a 7.4% gain over $6.2 billion in the prior-year period.
The firm’s direct sales decreased 1.2% in the quarter while Internet sales through www.jcp.com rose 17.6 % over last year’s quarter.
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