J.C. Penney stock higher after company's holiday sales down 3.5%
Shares of J.C. Penney Co. Inc. rose as much as 4% in the extended session Tuesday after the retailer reported a 3.5% fall in same-store sales for the nine weeks ended Jan. 5, reiterated some goals, and said it would close yet-unnamed stores soon. J.C. Penney said it still expects to end fiscal 2018 with positive free cash flow, to reduce inventory, and to close the year with liquidity of more than $2 billion. This spring, J.C. Penney will start three "preliminary" store closings "as part of an ongoing evaluation of its store portfolio occurring over the next few months, which includes assessing locations that may not meet required financial targets or represent a market opportunity to capitalize on a beneficial real estate asset," the company said. More information about the store closures will be shared when the company reports fourth-quarter and fiscal 2018 results, scheduled for Feb. 28, J.C. Penney said. Shares ended the regular trading day down 5.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.