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Penney also emphasized that its stores can be used as leverage against online retailers, especially for picking up online orders, while many solely online companies are seeing dramatically higher fulfillment costs. Ellison said he was pleased by the double-digit growth of For the fiscal fourth quarter,

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J.C. Penney reported net income of $192 million, or 61 cents per share. Earnings excluding one-time gains and costs was 64 cents per share. Analysts expected 61 cents per share, according to FactSet. Revenue totaled $3.96 billion in the period, down 0.9 percent from a year ago. Sales at stores open at least a year, a key gauge of a retailer's health, slipped 0.7 percent. This figure excludes results from stores recently opened or closed. Penney expects full-year adjusted earnings of 40 cents to 65 cents per share.

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