JC Penney Surges After The Retailer Reports A Narrower-Than-Expected Loss, But It Still Sees A Steep Sales Decline

J.C. Penney reported a narrower-than-expected loss for its latest quarter, sending its shares higher Friday morning. Its stock, which closed Thursday at $1.10, surged more than 22% at one point during premarket trading. It was up nearly 11% shortly before the opening bell. Here’s how Penney did for the quarter ended Nov. 2 compared with what analysts were expecting, based on Refinitiv data: Earnings per share: a loss of 30 cents vs. a loss of 55 cents expected Revenue: $2.38 billion vs. $2.51 billion expected Adjusted same-store sales: down 6.6% vs. a drop of 7.7% expected “The past quarter was an exciting and energizing time at JCPenney as we made significant progress on our efforts to return JCPenney to sustainable, profitable growth,” CEO Jill Soltau said in a statement. Click to read more at www.cnbc.com.