J.C. Penney shares spike on encouraging outlook

The company reported a loss in the third quarter, but it says that sales trends will improve later this year.

By MSN Money Partner Nov 20, 2013 2:02PM
Shoppers at a J.C. Penney store in New York, NY on October 23, 2009 (© Mark Lennihan/AP)By Matthew Boesler, Business Insider

Shares of J.C. Penney (JCP) were headed higher in pre-market trading following the release of third-quarter earnings results Wednesday morning.

By midday, shares were up 7.5% to $9.37.

The embattled retailer reported an adjusted loss of $1.81 per share in the third quarter, which may not compare with the consensus estimate for a $1.74 loss per share, as it includes a 73-cent loss per share on tax valuation allowance.


Revenue came in at $2.78 billion, below the consensus $2.80 billion estimate.


Despite a 4.8% drop in same-store sales in the third quarter, the company believes same-store sales trends will improve in the fourth quarter. In October, same-store sales were up 0.9%.


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