Investing.com - Troubled U.S. clothing retailer J.C. Penny saw shares rise sharply in pre-market trade on Wednesday, despite reporting weaker-than-expected third quarter earnings.
Earlier in the day, in its third quarter earnings report, J.C. Penny reported an adjusted loss of USD1.81 per share, compared to expectations for an adjusted loss of USD1.77 per share.
The company’s third quarter revenue totaled USD2.78 billion, missing forecasts for revenue of USD2.8 billion.
Comparable store sales fell 4.8% in the three months ended November 2.
Myron E. Ullman, III, Chief Executive Officer of JCPenney, said, "Our strategies to reconnect with customers are beginning to take hold, and this became increasingly clear as the quarter progressed. This is the result of the tremendous efforts of the associates across our Company to restore the merchandise customers want and deliver an unmatched shopping experience.”
“We are proud of the Company's October sales performance, encouraged by the early weeks of November, and believe we are making strides toward a path to long-term profitable growth," he added.
Following the release of the report, J.C. Penny shares rallied 5% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was mostly unchanged. The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures were flat, while the Nasdaq 100 futures indicated a gain of 0.1% at the open.
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J.C. Penny shares rally 5% in pre-market despite earnings, revenue miss
Published 11/20/2013, 07:49 AM
J.C. Penny shares rally 5% in pre-market despite earnings, revenue miss
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