(Corrects first paragraph to show timing of positive same-store
NEW YORK Oct 28 J.C. Penney Co Inc told
investors for the third time in less than five weeks that sales
trends are improving and reaffirmed its forecast calling for
positive comparable-store sales results coming out of the third
The comments by Penney CEO Myron Ullman at a conference on
Monday boosted the department store chain's shares by 6 percent.
Penney has been struggling to revive sales after a failed
experiment in 2012 to go upmarket alienated long-time shoppers
and depleted its cash reserves. It incurred huge losses and
spent large amounts of money on store remodels.
"I told lenders it would be one thing if we had two things
wrong and they couldn't be fixed. We have 30 things wrong and
they can all be fixed," Ullman said on Monday morning.
Ullman also stressed that the morale among employees "is
better than it probably should be."
(Reporting By Olivia Oran; Writing by Dhanya Skariachan;
Editing by Gerald E. McCormick and Leslie Gevirtz)