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JC Penney shares surge on strong Holiday comps gain

JC Penney Co saw its shares leap 20% in after-hours trading Tuesday after the department store giant’s same-store sales for the critical Holiday period rose 3.7% and should also hit the high end of its estimated range for the quarter.

“Our highest priority over the last year has been to restore profitable sales growth at JC Penney… this Holiday season was instrumental in that effort,” said a pleased chief executive Myron E Ullman.

“Customers clearly responded to our combination of great merchandise and compelling promotions this Holiday season. We are proud of these results, and believe the work we are doing will fuel the continued growth of our business.”

JCP said it expects Q4 comps growth at the high end of its 2-4% forecast, compared to the 2.7% hike analysts had expected.

Through the close Tuesday, the troubled retailer’s stock had fallen more than 30% over the past three months.

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