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Penney shares soar following upbeat earnings outlook for 2012
NEW YORK (AP) ' Shares of J.C. Penney Co. are soaring 13 percent Thursday after the department store chain delivered a 2012 profit outlook that's well above analysts' projections.
It says it expects adjusted earnings per share to be at least $2.16 for the fiscal year, above analysts' $1.60 per share estimate, according to FactSet.
Penney, based in Plano, Tex., laid out an aggressive plan Wednesday to re-invent its business by simplifying its pricing and carving its stores into 100 mini shops. It says it plans to spend $800 million this year to install the shops and improve technology, using cash from its operations.
Shares are up $4.41 to $38.69.