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JC Penney Company Inc.
JC Penney beats expectations as sales improve; stock soars
JC Penney beats expectations as sales improve; stock soars

J.C. Penney said a key sales figure rose in its first quarter, offering an encouraging sign for the beleaguered department store operator. The company, which is based in Plano, Texas, said sales at stores open at least a year rose 6.2 percent in the period, marking the second straight quarterly gain. The figure, a key indicator of health for retailers, had tumbled 16.6 percent in the year-ago period. Penney's stock surged more than 20 percent to $10.08 in aftermarket trading. The company has been trying to recover from a botched transformation plan by former CEO Ron Jonson that resulted in massive losses and plunging sales. Johnson, the mastermind behind Apple's retail...

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