** charts before earnings **
** charts after earnings **
- Went up for 2 days after earnings, then sold off
Penney's stock closed up 5.58% at $8.52 as the Plano,Texas-based company reported more upbeat earnings than Macy's and other retail industry competitors.
Penney said net revenue totaled $2.88 billion, up from $2.80 billion during the same period last year, and above the $2.86 billion consensus forecast of financial analysts survey by Thomson Reuters.
The company reported that its loss for the quarter that ended Aug. 1 narrowed to $138 million, or 45 cents a share. That bettered the $172 million and 56 cents a share losses during the same period last year. Financial analysts had forecast a loss of 48 cents a share.
Same-store Penney sales increased 4.1% year over year, topping the 3.89% gain forecast in the Thomson Reuters survey.
Penney raised its full-year earnings guidance to approximately $620 million, up from its previous $600 million estimate. The company also reiterated predictions that comparable same-store sales would increase 4% to 5% this year.
The Men's Home, Sephora and Fine Jewelry merchandise divisions were the top performers for the quarter, Penney said. All geographic regions experienced sales growth from last year, with the best performance in the western and central regions of the U.S., the company reported.
Penney has struggled after earnings fell during the watch of former CEO Ron Johnson, who scrapped popular Penney's brands and discounts. He was ousted in 2013, a decision that returned Penney veteran Mike Ullman as his successor. Ullman launched a new turnaround effort that included new merchandising, store renovations and a new home catalog.
Marvin Ellison, a former vice president of stores at Home Depot, was appointed as Penney's president and CEO-designee in November. Ellison succeeded Ullman, who became executive chairman, at the start of August.
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