J.C. Penney Co. Inc. may still be operating at a loss, but the retailer’s stock jumped more than 12 percent in pre-market trading after it beat Wall Street estimates.
The Plano, Tex.-based chain’s net loss was $93 million, or 29 cents a share, for the quarter ended Nov. 2. This marked an improvement from a net loss of $151 million, or 48 cents a share, during the same period a year earlier.
On an adjusted basis, the net loss was $97 million, or 30 cents a share, compared to an adjusted net loss of $164 million, or 52 cents a share, last year. Analysts polled by Factset had on average been penciling in an adjusted loss of 56 cents.
Total net sales decreased 10.1 percent to $2.38 billion, compared to $2.65 billion during the same period a year earlier. This, however, was lower than analysts’ expectations for $2.52 billion. Comparable store sales fell 9.3 percent for the quarter.
“We are beginning to see results – both in our numbers and how we operate as a business – from the early implementation of our Plan for Renewal, which is focused on driving traffic, offering compelling merchandise, providing an engaging experience, fueling growth, and building a