J.C. Penney Shares Surge 8% After Company Beats Sales Estimates

J.C Penney Co. Inc. shares surged 8% in premarket trade Friday, after the department store chain reported a narrower-than-expected loss for the second quarter and beat sales estimates. The company said it had a net loss of $138 million, or 45 cents a share, in the quarter, after a loss of $172 million, or 56 cents a share, in the year-earlier period. Excluding restructuring and other charges, the loss came to 41 cents a share, narrower than the FactSet consensus for a loss of 50 cents a share. Sales edged up to $2.88 billion from $2.80 billion, ahead of the FactSet consensus of $2.86 billion. Same-store sales climbed 4.1% compared with the FactSet consensus of 4.0%. "Although we have significant work to do as a company to regain our status as a world-class retailer, I am pleased with the resilience and the efforts of our associates," Chief Executive Marvin Ellison said in a statement. Shares have gained 24.5% in the year so far, while the S&P 500 is up 1.2%.