Business

JC Penney reports narrower-than-expected loss, shares rise

Shoppers pass a J.C. Penney store in New York.

Scott Mlyn | CNBC

J.C. Penney reported a narrower-than-expected loss for its latest quarter, sending its shares higher Friday morning.

Its stock, which closed Thursday at $1.10, jumped more than 11% in premarket trading on the news.

Here’s how Penney did for the quarter ended Nov. 2 compared with what analysts were expecting, based on Refinitiv data:

  • Earnings per share: a loss of 30 cents vs. a loss of 55 cents expected
  • Revenue: $2.38 billion vs. $2.51 billion expected
  • Adjusted same-store sales: down 6.6% vs. a drop of 7.7% expected

“The past quarter was an exciting and energizing time at JCPenney as we made significant progress on our efforts to return JCPenney to sustainable, profitable growth,” said CEO Jill Soltau in a statement.

Penney’s shares as of Thursday’s market close are up about 5% this year. The embattled department store chain has a market cap of about $349.6 million.

This is a developing story. Please check back for updates.

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