JC Penney Beats on Top and Bottom Line

Shares of retailer JC Penney

are trading sharply higher after beating both earnings and revenue estimates. JCP reported a loss of 75 cents per share on 2.80 billion in revenue, versus analyst expectations of a 93 cent loss on 2.79 billion in revenue. The company also said that same-store sales rose 6%, slightly more than the 5.8 percent that was anticipated. Shares of JCP are presently trading up 6% at 10.32 in after hours trading, although off the after hours high of 10.90.