J.C. Penney beats same-store sales estimates, shares up 24 percent

February 28, 2019

(Reuters) – J.C. Penney’s <JCP.N> comparable-store sales fell at a lower pace than expected, as the department store chain sold more jewelry and apparel during the key holiday shopping season.

Adjusted sales at J.C. Penney outlets open for at least 12 months fell 4 percent in the three months ended Feb. 2, better than Wall Street analysts’ average forecast of a 4.3 percent decline, according to IBES data from Refinitiv.

Shares in the company jumped 24 percent to $1.54 in early trade following the results.

(Reporting by Nivedita Balu and Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)

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