By  on February 26, 2014

J.C. Penney Co. Inc. believes it’s in the third and final leg of its turnaround.

“We’ve restored calm and clarity of purpose with suppliers, shored up our financial position and have rebuilt Penney’s from the inside out,” Myron “Mike” Ullman 3rd said Wednesday during a conference call after the company reported a net profit of $35 million for the fourth quarter ended Feb. 1. This compares with a loss of $1.4 billion a year ago.

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