The department store chain that's posted more than $2.5 billion in losses the past three years yesterday reported its first quarterly sales gain since 2011, Bloomberg reports.
While the company continues to lose money, the first quarter loss was narrower than analysts expected, and the retailer helped its finances with a bigger credit line.
Sales declined 16% in last year's first quarter, coming after a 20% fall in the same period in 2012, Bloomberg noted
First quarter 2014 sales jumped 6.2% to $2.8 billion, the company said, beating analysts' $2.71 billion average estimate.
TheStreet Ratings team rates PENNEY (J C) CO as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PENNEY (J C) CO (JCP) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and poor profit margins."