Struggling retailer J.C. Penney on Wednesday said it was encouraged by business so far in November and forecast higher comparable store sales in the current holiday quarter.
The company stuck to its forecast for more than $2 billion in liquidity at fiscal year-end, and its shares were up in pre-market trading. (Click here to track the company's shares following the report.)
"The turnaround at J.C. Penney is beginning to take hold," Chief Executive Myron Ullman said on a conference call with analysts.
Penney reported a deeper net loss for the fiscal third quarter as heavy promotions aimed at winning back shoppers and clearing out unsold merchandise hurt gross profit margin. But Wall Street was more focused on the company's comments regarding the progress of its turnaround.
(Read more: Good times! Consumers pry open wallets in October)