J.C. Penney Co. Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 31 amounted to 6 cents per share, compared with the S&P Capital IQ consensus estimate of 11 cents per share.
The per-share result swung to a profit from the prior-year loss of 44 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $18.1 million, compared with a loss of $134.4 million in the fourth quarter ended Feb. 1, 2014.
The normalized profit margin increased to 1.3% from negative 3.6% in the year-earlier period.
Total revenue increased year over year to $3.89 billion from $3.78 billion, and total operating expenses declined from the prior-year period to $3.77 billion from $3.91 billion.
Reported net income totaled a loss of $61.3 million, or a loss of 20 cents per share, compared to income of $35.4 million, or 11 cents per share, in the fourth quarter ended Feb. 1, 2014.
For the year, the company's normalized net income totaled a loss of $1.46 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of $2.46.
EPS was a loss of $3.76 in the prior year.
Normalized net income was a loss of $446.3 million, compared with a loss of $938.1 million in the prior year.
Full-year total revenue increased year over year to $12.26 billion from $11.86 billion, and total operating expenses fell on an annual basis to $12.62 billion from $13.01 billion.
The company said reported net income came to a loss of $772.2 million, or a loss of $2.53 per share, in the full year, compared with a loss of $1.28 billion, or a loss of $5.13 per share, the prior year.
