Penney closes more stores as sales deteriorate

NEW YORK (AP) — J.C. Penney is closing more stores after a weak holiday sales season.

Fourth-quarter income tumbled nearly 70 percent and revenue slid 8 percent.

It did beat Wall Street expectations, and shares jumped 18 percent before the opening bell Thursday.

The company's net income was $75 million, or 24 cents per share, for the quarter. That compares with $242 million, or 77 cents per share, a year ago.

Adjusted per share was 18 cents per share, 7 cents better than analyst had projected, according to a survey by FactSet. Revenue was $3.78 billion, also beating expectations.

Same-store sales fell 4 percent, and the company says it's closing 18 stores.