JC Penney reported a quarterly loss and revenue that beat analysts' expectations on Thursday, sending shares soaring after the bell Thursday.
On its conference call, CEO Mike Ullman told analysts there were "no major changes on the horizon" for succession. This marks a departure from earlier efforts by the company to replace Ullman, who returned to the helm last April after the ousting of Ron Johnson, the former Apple retail head who had led the retailer's failed attempt to attract higher-income customers.
After the earnings announcement, the company's shares rose 18 percent in extended-hours trading. (Click here to get the latest quotes for J.C. Penney.)
The company reported a first-quarter adjusted loss of $1.16 per share on $2.80 billion in revenue.
Analysts had expected the company to report a quarterly loss of $1.25 a share on nearly $2.71 billion in revenue, according to a consensus estimate from Thomson Reuters.
New credit facility
To strengthen its balance sheet, the retailer has obtained a new larger credit facility to replace an earlier one, maturing in April 2016.
"This financing is expected to provide better pricing terms and is expected to add $500 million of incremental liquidity during peak seasonal needs," the company said in a release, adding that it's expected to close during the current quarter.