UPDATE: JC Penney Reports Upbeat Q1 Earnings; Shares Surge In Pre-Market Trading

J.C. Penney Company Inc JCP released its fiscal first-quarter results on Monday. The company's quarterly profit increased to $64 million, or $0.28 per share, from $60 million, or $0.25 per share, in the year-earlier period. The company's sales increased 0.4% to $3.94 billion. Its comparable sales surged 3.8%. However, analysts were expecting earnings of $0.26 per share. The company projects its Q1 profit of $0.20 to $0.24 per share and $2.15 to $2.25 per share for the year. However, analysts expected Q2 profit of $0.22 per share and $2.09 for the year. JCP shares surged 5.12% to $40.41 in pre-market trading. Read more from Benzinga's Markets.