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J.C. Penney Q3 beats

Friday, November 13, 2015 - 01:14

J.C. Penney seems to be making progress in its turnaround efforts turning in Q3 sales that beat Street estimates. Jeanne Yurman reports.

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J.C. Penney making some progress in its turnaround effort. The department store chain turning in better-than-expected quarterly net sales that climbed nearly five percent, just shy of three billion dollars. And its loss per share narrowed from a year ago. Earlier in the week Penney's told investors sales at its stores open for a year or more had seen the biggest jump in more than nearly a decade. Helping to drive the results: strong sales of home products and footwear and its store-within-a-store Sephora beauty shops. Shares though down seven percent in the premarket after it didn't raise its same-store sales forecast for the year. In the company's earnings release, CEO Marvin Ellison said: "As we look ahead to the fourth quarter, we are well positioned to compete effectively during the key holiday shopping period." Penney's results cap off a volatile week for retailers: Macy's and Nordstrom both cut their full-year forecasts this week after reporting disappointing results. While Kohl's, like J.C. Penney, offered upbeat news. Retailers are facing a fickle consumer as they head into the critical holiday shopping season which can account for as much as a third of annual sales.

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J.C. Penney Q3 beats

Friday, November 13, 2015 - 01:14