J.C. Penney Shares Surge on a Profit Forecast Hike

The transcript discusses JCPenney's financial performance, highlighting a beat on the gross margin line and an adjusted EBIT forecast exceeding expectations. Despite these positives, the company faces challenges with high short interest and declining same-store sales. The market cap has significantly decreased from $20 billion in 2007 to $350 million today, with numerous store closures. The discussion questions the viability of JCPenney's long-term strategy, given the traffic issues and the quality of malls where its stores are located.

What was the percentage decline in same store sales reported?

What are the key factors affecting department store sales weakness according to the text?