J.C. Penney quarterly loss smaller than expected, shares rise

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(Reuters) – J.C. Penney Co Inc (N:) on Friday reported a smaller quarterly loss, as the embattled retailer benefited from lower marketing expenses and an increase in store and online selling margins, sending its shares up 10%.

The 117-year-old retailer said net loss narrowed to $93 million, or 29 cents per share, in the third quarter ended Nov. 2, from $151 million, or 48 cents per share, a year earlier.

J.C. Penney also raised its forecast for adjusted earnings before interest, tax, depreciation and amortization for the rest of the year to exceed $475 million, compared with its prior outlook of $440 million to $475 million.

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