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JC Penney sees jump in sales

The company saw its stock rise 20% following the release of first quarter earnings.
PLANO, TEXAS – JC Penney released encouraging first quarter sales and earnings Thursday.

The company reported same-store sales were up more than 6 percent in the first quarter, exceeding its own expectations.

JC Penney said sales rose $2.8 billion, but the company is still not turning a profit. It said it lost $352 million this quarter, but that figure beat analyst estimates.

Investors took the news well, with the company’s stock rising 20 percent in after-hours trading Thursday.
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