J.C. Penney Co. said third-quarter earnings exceeded its expectations and raised its annual forecast.
The Plano, Texas, company projected annual profit of as much as $1.08 a share, up from the 90-cent maximum it previously predicted.
Third-quarter net income fell 78% to $27 million, or 11 cents a share, from $124 million, or 56 cents, a year earlier. Sales fell 3.2% to $4.18 billion.
J.C. Penney shares climbed $1.82, or 6.2%, to $31.21.