Penney's 4Q profit rises 36 percent

The results cap a week of similar reports from clothing and department store chains. And, like Gap Inc. Penney announced a new share buyback.

But Penney's shares fell $2.39, or 6.5 percent, to $34.16 Friday as investors appeared worried that price increases ricocheting through the retail industry would particularly hurt Penney's middle-income customers.

Macy's Inc., Kohl's and Abercrombie Fitch Co. all said their shoppers should expect prices increases as merchants grapple with soaring costs of labor in China and raw materials worldwide.

"As we look to 2011, the consumer environment remains uncertain, and budgets for the moderate customers we serve remain tight," Penney's CFO Michael Dastugue said during a conference call with analysts Friday. "As a result,Clearance Oakley Sunglasses, we are continuing to plan our business conservatively."

Kohl's Chairman, CEO and President Kevin Mansell voiced a similar theme Thursday.

"Continued uncertainty is still the biggest challenge," Mansell told The Associated Press in a phone interview. "As people are feeling better, they're being hit with higher prices" in food,Cheap Oakley Flak Jacket Sunglasses, fuel and clothing.

Penney's reported net income of $271 million, or $1.13 per share, for the three months that ended Jan. 29. That compares with $200 million, or 84 cents per share, in the same period last year.

Revenue rose 2.8 percent to $5.7 billion. Revenue at stores open at least a year increased 4.5 percent.

Analysts expected earnings of $1.11 per share on revenue of $5.7 billion for the quarter,Oakleys.

Penney's best sellers during the holiday season were its Sephora shops, women's accessories and men's clothing. Online revenue rose 6.7 percent for the quarter to reach $495 million. Related articles:

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