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Published: Saturday, 8/11/2012

J.C. Penney stock climbs despite quarterly loss


NEW YORK -- J.C. Penney Co. stock rose the most in more than six months Friday after Chief Executive Ron Johnson said his overhaul of the department-store chain is "on track" amid quarterly losses and plunging sales. Penney climbed 5.9 percent to $23.40 at the close in New York, the biggest one-day gain since Jan. 26.

Second-quarter revenue slid 23 percent to $3 billion, the company said Friday. It said it lost $147 million, or 67 cents a share, in the quarter ended July 28. That compares with a profit $14 million, or 7 cents a share, a year ago.

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