March 2 (Reuters) - J.C. Penney Co Inc’s sales at established stores missed Wall Street forecasts in the fourth quarter, as customers preferred to shop online instead of at the department store chain, sending its shares down 9 percent on Friday.
The company’s net profit fell to $254 million or 81 cents per share in the quarter ended Feb. 3, from $192 million or 61 cents per share, a year earlier.
Its comparable-store sales rose 2.6 percent, missing analysts’ average estimate of 2.94 percent, according to Thomson Reuters I/B/E/S.
Net sales rose 1.8 percent to $4.03 billion. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)