Ullman said the company is focused on "winning" the holiday season, which is when retailers earn the bulk of their profits for the year. J.C. Penney will open at 8 p.m. on Thanksgiving Day this year for the first time in the company's history, he said.
But there are concerns about J.C. Penney's profit margins, which shrank in the third quarter.
J.C. Penney has been cutting prices as it clears the shelves of inventory that did not resonate with customers.
"Margins are not improving as much as sales, but we are making progress," said Ullman.
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J.C. Penney has pushed back against persistent market rumors about a bankruptcy and credit crunch. It said last month that the speculation is "unequivocally false" and amounts to "market manipulation" by investors who stand to profit from a drop in the stock price.
The company raised about $800 million in September through a secondary stock offering. It ended the quarter with $1.2 billion in cash and has $1.7 billion in available credit.
"The company's financial position is strong," said Ullman.
The results come near the end of a difficult year for the more than 100-year old retailer.
Ullman has been rebuilding store inventory and bringing back discount brands in an attempt to lure back customers that were turned off by changes made by Ron Johnson, who stepped down as CEO in April.
Johnson, a former Apple(AAPL) executive, took J.C. Penney in a very different direction, but the promotions and cosmetic changes he instituted fell flat with customers. Hedge fund Bill Ackman, who helped lure Johnson to J.C. Penney, stepped down from the company's board earlier this yea and subsequently sold his stake in J.C. Penney at a loss.
J.C. Penney's stock is down more than 50% so far this year, making it the worst performing stock in the S&P 500. But a number of other top hedge funds have recently disclosed stakes in the company, suggesting that some investors may be willing to bet on a J.C. Penney turnaround.