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J.C. Penney reports quarterly sales gain

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By The Associated Press
Tuesday, Feb. 4, 2014, 10:21 p.m.

J.C. Penney said Tuesday that a key revenue measure rose 2 percent during its November-January quarter, which includes the crucial holiday shopping season. It's the first time since early 2011 that the retailer has recorded a quarterly sales gain.

Under former CEO Ron Johnson, who was ousted in April after 17 months on the job, Penney's sales plummeted and it recorded massive losses. The Plano, Texas-based company then brought back Mike Ullman as CEO.

The company's shares have lost about 86 percent of their value since early February 2012 when enthusiasm was high over Johnson's transformation plan.

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