Market Overview

JC Penney Shares Rocket Higher As Q1 Loss Comes In Better Than Expected

Related JCP
Credit Suisse Downgrades Mall Anchors, Says 'Yellow Caution Light Is Flashing Faster'
BMO Upgrades JC Penney, 'Less Concerned' About Liquidity
The Vetr community has downgraded $JCP to 3-Stars (Vetr)

Department store J.C. Penney (NYSE: JCP) released its fiscal first-quarter results after the closing bell on Thursday. Shares have surged a jaw-dropping 20 percent and are now over the $10 level.

The company reported net sales of $2.80 billion for the quarter, up six percent compared to $2.64 billion in the first quarter of 2014. JCPenney saw an increase of 6.2 percent in same stores sales. Revenue in the quarter exceeded analysts' estimates of $2.71 billion.

JCPenney posted a net loss of $352 million, or a loss of $1.16/share, compared to a loss of $348, or loss of $1.58/share in the same quarter last year. This exceeded analysts' estimates for the first quarter loss of $0.89/share.

Looking ahead for the fiscal year of 2014, JCPenney anticipates comp store sales to increase in the mid-single digits, while gross margin is expected to improve significantly to 2013.

CEO Myron E. Ullman III was very pleased with a second consecutive quarter of comparable store sales growth, as well as continued gross margin improvement. Ullman expects to carry this momentum into the second quarter aiming for the company's long-term profitable growth goal.

JCPenney was last being traded at $9.97, up 19.12 percent.

Posted-In: Earnings News Top Stories


Related Articles (JCP)

Around the Web, We're Loving...

Get Benzinga's Newsletters