J.C. Penney expects sales, gross profit margin to improve

Wed Feb 26, 2014 4:12pm EST

Feb 26 (Reuters) - J.C. Penney Co Inc on Wednesday forecast more improvement in its comparable sales and gross profit margin this fiscal year as its business continues to turn around.

Penney said it expects comparable sales to be up by a "mid-single digit" percentage for this fiscal year.

For the fourth quarter ended Feb 1, Penney reported net income of $35 million, or 11 cents per share, compared with a loss of $552 million, or $2.51 per share, a year earlier.

Excluding one-time items, Penney had an adjusted loss of 68 cents per share during the quarter.