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Penney Pleased With Turnaround, Sees Sales Rising

JCPenney Reports Over 30 Percent Drop In Sales In 4th Quarter
Photo by Justin Sullivan/Getty Images

PLANO, Texas (AP) — J.C. Penney Co., whose shares have been tumbling on worries about its business, says that it is pleased with its turnaround efforts so far.

The department store operator also foresees a key revenue metric rising in the fourth quarter.

Penney has faced criticism over its available cash and turnaround efforts. The chain is trying to recover from a botched transformation plan spearheaded by former CEO Ron Johnson. The board ousted Johnson in April and rehired Mike Ullman.

Penny said Thursday that it still expects revenue at stores open at least a year to be up as it exits the third quarter and that the metric should be up in the fourth quarter. The Plano, Texas, company says online sales are up double-digits from a year ago.

Its stock edged up 3 cents to $10.15 per share in premarket trading after the announcement.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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