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J.C. Penney Has First Quarterly Same-Store Sales Gain Since 2011

Feb. 4 (Bloomberg) -- J.C. Penney Co. said fourth-quarter same-store sales rose 2 percent, marking its first quarterly gain for revenue by that measure in more than two years.

Comparable-store sales, which only includes locations open at least a year, climbed 3.1 percent in the nine weeks through November and December, the Plano, Texas-based company said today in a statement.

Chief Executive Officer Mike Ullman has reversed the decline in sales at J.C. Penney’s established locations by reviving popular private-label brands and bringing back sales events. J.C. Penney hadn’t had a quarterly same-store sales gain since the period ended in July 2011.

The shares rose 2.1 percent to $5.80 at 8:08 a.m. in New York. J.C. Penney had slid 71 percent in the 12 months through yesterday.

The company plans to announce full fourth-quarter results on Feb. 26.

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