The company still thinks EBITDA will hit $1 billion in 2016. J.C. Penney said on Monday that its profit in the first fiscal quarter came in higher than expected, providing reassurance to investors worried that its turnaround may be stalling and subtly refuting a media report last week saying weak April sales were hurting its bottom line. Penney is in the middle of a turnaround that has seen it outperform rivals like Macy’s, Kohl’s, and Sears for several quarters, including the crucial holiday season period. But last week, a New York Post article cited an internal memo outlining cost cuts supposedly put in place to protect Penney’s profit amid softer April sales. Penney’s shares, which had already fallen 25% from a 52-week high in March, tumbled 7% on Friday on the unconfirmed report. Read more at Fortune.