Reuters – Department store chain J.C. Penney reported third-quarter same-store sales that were twice what it had estimated, sending its shares up 17% in premarket trading on Friday.
The retailer said comparable sales rose 1.7%, better than the 0.6-0.8% rise it had forecast last month.
Analysts on average had expected comparable sales to increase 0.7%, according to Thomson Reuters I/B/E/S.
J.C. Penney last month also slashed its full-year forecast as it sold stagnant apparel inventory at heavy discounts amid an overhaul of its women’s range.
Rivals such as Macy’s and Nordstrom reported a decline in quarterly comparable sales on Thursday, as store closures due to hurricanes added to their ongoing troubles of weak footfall and losing customers to online shopping.