J C Penney holiday season sales rise 3.7%, stock jumps 20%

New York

DEPARTMENT store operator J C Penney Co Inc said same-store sales rose 3.7 per cent in November and December, boosting its shares and offering a glimpse of what is expected to be the best holiday season for retailers since 2011.

Shares of J C Penney, the first major retailer to report results for the Christmas period, surged almost 20 per cent on the announcement in after-hours trading, erasing a downtrend that saw it losing 18 per cent since the end of November, the traditional start to the holiday shopping season.