J.C. Penney reported that its fourth-quarter earnings declined 5.2%, hurt by a big expense for its pension plan. Profit, however, topped its own expectations.
Sales slipped 3.6% to $5.5 billion. Penney said it expected higher sales and profit for 2010.
Same-store sales fell 4.5 percent. Net income was $200 million, or 84 cents a share, in the period ended Jan. 30. That compared with $211 million, or 95 cents a share, in the fourth quarter a year ago.
Excluding the pension expense, the company earned $1.02 a share.
