J.C. Penney Co. reported a 78 percent drop in its third-quarter earnings because of a big expense for its pension plan, but the retailer predicted more robust sales and profits because it is selling more goods at regular price and seeing less clearance discounting.

The increases got investors’ attention, driving the stock up $1.51, or 5.1 percent, in premarket trading.

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J.C. Penney’s upgrades sales and profit forecast