J C Penney Q3 Sales Beat Views

reported better-than-expected revenue for the third quarter on Friday. The Plano, Texas-based company reported a quarterly net loss of 137 million, or $0.45 per share, versus a year-ago loss of $188 million, or $0.62 per share. Its net sales climbed to $2.90 billion from $2.76 billion. However, analysts were expecting a loss of $0.55 per share on revenue of $2.88 billion. The average estimate among 131 Estimize users was for a loss of $0.55 per share and revenue of $2.86 billion. Its same store sales gained 6.4 percent for the quarter. Its gross margin rose by 70 basis points to 37.3 percent of sales. EBITDA rose $5 million to $107 million in the latest quarter. Marvin Ellison, chief executive officer, said, "The continuation of our strong sales performance this quarter demonstrates ongoing progress towards achieving the Company`s long-term financial targets. We grew the top line, improved margin and intensified our expense discipline. As we look ahead to the fourth quarter, we are well positioned to compete effectively during the key holiday shopping period thanks to the hard work and dedication of all our associates." Ellison continued, "While there is significant work to do to improve our Company, the JCPenney team remains determined to regain our status as a world-class retailer." For 2015, the company projects adjusted EBITDA of around $645 million and comparable store sales to rise 4 percent to 5 percent. JC Penney shares fell 5.01 percent to $8.35 in pre-market trading.