Penney reported sales grew 6.3% to $2.8 billion for the quarter ended May 3, up from $2.6 billion last year. The company posted $352 million in net loss. Still that beat analyst estimates. Penney lost $1.15 per share, better than the $1.26 analysts expected.
Penney shares ended up 16.3% to $9.73.
Penney appears to be making a comeback a little more than a year after CEO Ron Johnson stepped down. Johnson's failed attempt at reviving the retail chain by getting rid of sales and coupons in favor of everyday low prices made for an abysmal year of financial results in 2012.
(source: www.usatoday.com/sto...er-earnings/9128389/)
Penney shares ended up 16.3% to $9.73.
Penney appears to be making a comeback a little more than a year after CEO Ron Johnson stepped down. Johnson's failed attempt at reviving the retail chain by getting rid of sales and coupons in favor of everyday low prices made for an abysmal year of financial results in 2012.
(source: www.usatoday.com/sto...er-earnings/9128389/)