A pedestrian walks with a shopping bag from a JC Penney department store in New York
A payroll tax cut extension will put an extra $40 into the paycheck of a family or worker making $50,000 a year. REUTERS

J.C. Penney Co. (NYSE: JCP) reported a fourth-quarter and annual loss Friday on heavy restructuring and other charges tied to the retailer's launch of a new marketing strategy.

For the three months ended Jan. 29 the Plano, Texas retailer reported a loss of $87 million, or 41 cents per share, compared with a profit in the year-earlier period of $271 million, or $1.13 per share.

Adjusted operating income for the Penney, which operates 1,104 stores, was $103 million compared with $545 million in the fourth-quarter of the previous fiscal year.

The restructuring and management transition charges totaled 56 cents per share.

Sales for the three months slipped to $5.43 billion from $5.7 billion.

Comparable store sales for the fourth quarter declined 1.8 percent. Total sales decreased 4.9 percent, reflecting the company's previous exit from its catalog and catalog outlet businesses. Internet sales through jcp.com were $480 million in the fourth quarter, decreasing 3.1 percent from last year.

For the full year, the company lost $152 million, or 70 cents per share, compared with a profit the previous fiscal year of $389 million, or $1.63 per share.

Adjusted operating income was $536 million, down from $1.09 billion in the three months ended Jan. 29, 2011.

Sales for the 12 months were $17.26 billion compared with $17.76 billion.

Shares fell 17 cents to $41.76 in premarket trading Friday.

Management