J. C. Penney Co. Inc. had fourth quarter revenue of $9.54 billion, down from $9.57 billion a year ago. The company had net income of $95 million for the quarter, compared to a $580 million loss a year ago.
During the quarter catalog sales decreased 24.8%.
For the year, Penney’s revenue was $32 billion, a slight increase from $31.85 billion in 2000. During 2001 Penney had net income of $98 million, compared to a $705 million loss. The quarter and the year ended Jan. 26.
While Penney breaks out sales and income from its Eckerd drugstores operations, it does not separate catalog and department store sales under the J. C. Penney name. Department store and catalog sales slipped 3.4% during the fourth quarter, to $5.88 billion, although operating income for the division was 256 million, compared with a fourth-quarter 2001 loss of $68 million.
For the year, department and catalog sales were $18.16 billion, down from $18.76 billion. Operating income doubled, from $254 million to $548 million.
The Plano, TX-based company did indicate that while catalog sales decreased during the quarter inventory and expense management helped generate improve operating profit.
Network
