Shares in JC Penney Company fell 8.8% after-hours trading yesterday (26 September) after the US department store retailer said it would sell 84m shares of its common stock in a secondary offering.

The company said it intends to use the net proceeds from the offering - which would raise up to US$810m based on the price of $9.65 - "for general corporate purposes."

Underwriters will also be granted a 30-day option to purchase up to an additional 12.6m shares in case of excess demand.

Earlier in the day the troubled retailer had issued a statement saying it was pleased with its turnaround efforts so far and the traction its initiatives are starting to achieve.

The company also said it is starting to see greater predictability in its performance across many areas, and that efforts to ensure it has key items and sizes in stock are leading to more purchases.

And it "still anticipates it will experience positive comparable store sales trends coming out of the third quarter and throughout the fourth quarter of 2013," the statement added.

Last month JC Penney reported wider second quarter net losses, weighed down by lower-than-expected sales and a higher level of clearance merchandise.

Separately, an SEC filing revealed that senior vice president and controller Mark Sweeney has left the company, and will be replaced by Dennis Miller as interim principal accounting officer. Miller is returning to the company after leaving last year.