JC Penney Shares Surging

JC Penney Fresh Air Event

Photo: Aimee Groth, Business Insider

Shares in retailer JC Penney are up more than seven per cent as the company’s Chief Executive details the company’s plans for 2012 and 2013.The analyst presentation follows disappointing results out of the department store chain, when it reported a net loss of $81 million, or $0.37 share, compared to expectations for a $0.14 deficit.

Same-store sales had collapsed during the period, off 22 per cent.

However, during the first-10 days of August, same-store sales declines have moderated.

While speaking to investors, the company’s chief executive, Ron Johnson, said the company had no plans to change and that analyst expectations had seemingly been set too high.

Shares originally tumbled after the announcement, down as much as 6 per cent in pre-market trade.

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