J.C. Penney Company, Inc. (NYSE:JCP) stock gained by 5.98%


Dallas, Texas 08/21/2013 (Financialstrend) – Despite the recently reported losses at $586 million for the second quarter of fiscal year 2013, J.C. Penney Company, Inc. (NYSE:JCP) had been presenting higher sales volume in the recent past. The company had reported that the sales had increased significantly in each of the three months in the past quarter and that the early signs presented by the sales volume in the month of August are further encouraging. However, the Chief Executive Officer of the company, Myron Ullman had commented that a turnaround of the recent losses would take some time to occur.

It had further been reported that J.C. Penney Company, Inc. (NYSE:JCP) had spent around $714 million in cash in the recent months to bring about restocking of the shelves in its department stores, build out new home departments and to repay debt. While this sum had proved to be quite higher than the analyst expectations on such expenditures, it had sent concerns on whether the company would be able to meet out the fund requirements to continue its operations during the year end shopping season. In an attempt to answer this concern, the company had commented that it plans to complete this fiscal year with more than $1.5 billion in cash and borrowing capacity.

J.C. Penney Company, Inc. (NYSE:JCP) had moved up on Tuesday in the markets to make gains of around 5.98% in share prices and had thereby closed at $14.01 per share. The stock had been presenting intraday price fluctuations ranging from low of $12.81 to high of $14.39 per share for the day. The company’s stock had on Tuesday reported volume of trading in the markets at 67.86 million shares, while the shares on an average had moved to record trading volumes at 16.54 million shares per day. The stock presently has 52 week low of $12.34 and 52 week high of $32.55 per share.