PLANO, Texas—J.C. Penney posted fourth quarter sales and earnings declines, and although home remained one of the weakest categories, the business is showing signs that it could be rebounding, said Mike Ullman, chairman and chief executive officer, during a conference call with analysts.
Total sales at J.C. Penney decreased 9.8 percent to $5.6 billion from the year ago quarter. Comparable store sales fell 10.8 percent.
Net income fell 51 percent to $211 million from the year ago quarter.
Net income for this year’s fourth quarter included the impact of discontinued operations of $0.95 per share.
In home, “we’re seeing a little bit of life as we enter the spring season,” Ullman said. That trend might reflect the “bottoming effect of home furnishings. Over the next two to three years, you might see a better trend.”
However, “until the housing crisis is fixed on a macro level, it’s going to be hard to see great increases,” Ullman said.