Penney's 4Q profit rises 36 percent

[February 25, 2011]  NEW YORK (AP) -- J.C. Penney Co. says its fourth-quarter profit rose 36 percent as exclusive merchandise, including its Liz Claiborne brand, attracted new customers.

The department store chain also says its board approved a new $900 million share buyback.

The company says Friday that it earned $271 million, or $1.13 per share, for the three months ended Jan. 29. That compares with $200 million, or 84 cents per share, in the same period last year.

The company says revenue rose 2.8 percent to $5.7 billion. Revenue at stores open at least a year rose 4.5 percent.

Analysts expected earnings of $1.11 per share on revenue of $5.7 billion for the quarter.

J.C. Penney is based in Plano, Texas.

[Associated Press]

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