Daily News: May 16, 2014

J.C. Penney Reports First Sales Gain in Three Years

Bloomberg reported that JC Penney, the department store chain that has posted more than $2.5 billion in losses in the past three years, reported its first quarterly sales gain since 2011, sending the shares up as much as 27% in late trading.

Bloomberg said the company is still losing money, though the first-quarter loss was narrower than analysts expected, and the retailer bolstered its finances with a larger credit line.

To read the full Bloomberg article, click here.

Previously on ABF Journal: The Street: J.C. Penney’s Cash Situation ‘Worrisome,’ February 21, 2014