J.C. Penney Shares Surge

(CNN) — J.C. Penney Co. reported a larger-than-expected quarterly loss Wednesday, but the ailing retailer said there will be continued improvement in sales during the current quarter.

Shares of the company jumped more than 8 percent in early trading Wednesday. The results come near the end of a difficult year for the more than 100-year-old retailer.

CEO Mike Ullman has been rebuilding store inventory and bringing back discount brands. It’s an attempt to lure back customers that were turned off by changes made by Ron Johnson, who stepped down as CEO in April.

J.C. Penney’s stock is down more than 50 percent so far this year, making it the worst performing stock in the S&P 500. Even so, Ullman says “the company’s financial position is strong.”

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