J.C. Penney seems to be making progress in its turnaround efforts turning in Q3 sales that beat Street estimates. Jeanne Yurman reports.
J.C. Penney making some progress in its turnaround effort. The department store chain turning in better-than-expected quarterly net sales that climbed nearly five percent, just shy of three billion dollars. And its loss per share narrowed from a year ago. Earlier in the week Penney's told investors sales at its stores open for a year or more had seen the biggest jump in more than nearly a decade. Helping to drive the results: strong sales of home products and footwear and its store-within-a-store Sephora beauty shops. Shares though down seven percent in the premarket after it didn't raise its same-store sales forecast for the year. In the company's earnings release, CEO Marvin Ellison said: "As we look ahead to the fourth quarter, we are well positioned to compete effectively during the key holiday shopping period." Penney's results cap off a volatile week for retailers: Macy's and Nordstrom both cut their full-year forecasts this week after reporting disappointing results. While Kohl's, like J.C. Penney, offered upbeat news. Retailers are facing a fickle consumer as they head into the critical holiday shopping season which can account for as much as a third of annual sales.