J.C. Penney profit jumps 36%

Dallas -- J.C. Penney Co. said that its fourth quarter profit rose 36% to $271 million, helped by cost controls and improving sales in such areas as men's apparel, women's accessories and beauty products from in-store Sephora boutiques. The retailer also announced plans to buy back $900 million of its shares, starting next month. Revenue in the three-month period ended Jan. 29 rose 2.8% to $5.7 billion. Same-store sales were up 4.5%. In response to rising cost pressures facing the retail industry, J.C. Penney said it plans “product engineering, strategic and alternative raw material acquisitions and advance production planning”