J.C. Penney said that after the fourth quarter of the year after the low holiday season, it would close several stores, with revenues falling by nearly 70 percent in the fourth quarter, with revenues falling by 8 percent.
The results of the retail company during the festive sales season overcome Wall Street's expectations, and the shares rose 18 percent ahead of Thursday's opening bell.
The company's net income was $ 75 million, or 24 cents per share in the quarter. This was $ 242 million a year ago, or 77 cents per share. Revenues amounted to $ 3.78 billion and, according to FactSet's survey, analysts also beat expectations. .
The same store sales fell by 4%, and the company says it closes 18 JCPenney stores, although some external reports reported 24 closures.
Jill Soltau CEO, who took over the struggling retailer last October after running Jo-Ann Stores for several years, said: "All I have seen and heard is even more convinced that JCPenney is an honorable brand whose former financial In spite of our performance, we have already taken significant steps to improve key businesses such as women's clothing, active clothing, special size clothing and fine jewelry. "