JC Penney Shares Explode

JC Penney are exploding in after hours trade after the retailer reported holiday same-store sales that jumped 3.7% from the same period last year. 

In after hours trade, JC Penney shares were up as much as 15% to $US7.24 a share. On Tuesday, the stock closed at $US6.24. 

JC Penney defined the holiday shopping period as the combined nine weeks in November and December, and the company also said it now expects fourth quarter same-store sales to come in at the upper end of the 2%-4% guidance range the company issued. 

It’s a marked change from a year ago, when the company declined to provide any data on its holiday sales performance, saying on that it was “pleased” with how it did during the holiday season. 

A report from Reuters after Christmas said that for the period covering Black Friday to Christmas sales rose 5.5% over last year, in-line with expectations. 

After a disastrous 2013, JC Penney shares declined further in 2014, losing about 30% during the year. 

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