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J.C. Penney posts 4Q loss, but is winning back customers

FILE - In this Feb. 19, 2015, file photo, shoppers visit a J.C. Penney store in New York. The Texas-based retailer reports quarterly financial results, Friday, Feb. 26, 2016. (AP Photo/Mark Lennihan, File) FILE - In this Feb. 19, 2015, file photo, shoppers visit a J.C. Penney store in New York. The Texas-based retailer reports quarterly financial results, Friday, Feb. 26, 2016. (AP Photo/Mark Lennihan, File)

By Associated Press February 26, 2016 1 min read

NEW YORK (AP) – J.C. Penney Co. is reporting its fourth-quarter loss widened from a year ago, dragged down by restructuring costs.

But its adjusted profit met analysts’ estimates and the Plano, Texas-based department store chain saw an uptick in spending for the holidays.

Its shares rose more than 11 percent in premarket trading Friday.

The company, which is undergoing a reinvention, said it lost $131 million, or 43 cents per share, in the quarter. That compares with a loss of $35 million, or 11 cents per share, a year ago.

Its adjusted results showed a profit of 39 cents per share, which matched estimates from FactSet.

Revenue rose nearly 3 percent to $3.99 billion, above the $3.97 billion consensus estimate.

Penney’s results were released hours before the expected time.