National retailer JCPenney delivered mixed financial news as it delivered lower quarterly earnings, but strong same store sales. Nonetheless, Penney’s stock was trading just below $8 per share early Friday, a steep drop from its $8.96 high.
Total revenue rose for the quarter to $2.9 billion from $2.76 billion, a sign that the struggling Texas-based chain was making some progress in its efforts to turnaround its business.
Penney posted a fiscal third-quarter loss of 47 cents per share, far less than it had in third quarter 2014 and lower than the industry expectation of 55 cents a share. On the plus side, comparable-store sales grew by 6.4 percent for the quarter, which was much better than expected by both analysts and recently-installed CEO Marvin Ellison.
Like many of its department store competitors, Penney has a lot of inventory to unload during the fourth quarter, due to unseasonable weather.