New York-based J. C. Penney Co. posted...

New York-based J. C. Penney Co. posted a 20.5% rise in fourth-quarter net income before an extraordinary charge. For 1986, profit increased 33.5%. A spokesman said that net income of the company’s retail divisions improved substantially because of the firm’s emphasis on inventory management, expense control, selective promotional activity and a particularly strong performance by catalogue. Markdowns were lower and inventories continued to be well controlled, he added.