JC Penney beats expectations as sales improve

Staff Writer
Columbus CEO

NEW YORK (AP) — J.C. Penney said a key sales figure rose in its first quarter, offering an encouraging sign for the beleaguered department store operator.

The company, which is based in Plano, Texas, said sales at stores open at least a year rose 6.2 percent in the period, marking the second straight quarterly gain.

Penney has been trying to recover from a botched transformation plan by its former CEO, but there's still a lot of work to do.

The company said it lost $352 million, or $1.15 per share for the period ended May 3, which was better than the loss of $1.25 per share analysts expected. A year ago, the lost $1.58 per share.

Revenue rose to $2.8 billion, above the $2.71 billion analysts expected.