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NEW YORK (CBSDFW.COM/AP) — J.C. Penney Co. is reporting its fourth-quarter loss widened from a year ago, dragged down by restructuring costs.
But its adjusted profit met analysts’ estimates and the Plano-based department store chain saw an uptick in spending for the holidays.
Its shares rose more than 11 percent in premarket trading Friday.
The company, which is undergoing a reinvention, said it lost $131 million, or 43 cents per share, in the quarter. That compares with a loss of $35 million, or 11 cents per share, a year ago.
Its adjusted results showed a profit of 39 cents per share, which matched estimates from FactSet.
Revenue rose nearly 3 percent to $3.99 billion, above the $3.97 billion consensus estimate.
Penney’s results were released hours before the expected time.
Earlier this month, the company announced that they were looking to potentially sell and partially leaseback its headquarters in Plano to help lower debt and create long-term savings. J.C. Penney Co. has been in the three-story, 650,000 square foot building since 1992. The campus sits on 64 acres.
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