J.C. Penney said its holiday comps rose 3.7 percent, providing some much-needed good news for the beleaguered retailer.
The results beat Wall Street estimates, leading to a spike in Penney shares.
“Our highest priority over the last year has been to restore profitable sales growth at J.C. Penney,” said CEO Myron E. (Mike) Ullman III in a statement. “We are proud of these results, and believe the work we are doing will fuel the continued growth of our business.”
The company said its fourth quarter sales will come in at the high end of its 2 to 4 percent guidance.