NEW YORK — Even though J.C. Penney's latest results show the beleaguered retailer is hardly out of the woods, investors still see reasons to cheer.

The department store chain's shares rose 6 percent on Wednesday after it reported its seventh straight quarter of big losses that together total more than $2.4 billion. So why are investors celebrating?

The company began its big downward spiral during an ill-fated transformation strategy under former CEO Ron Johnson, who was fired in April after 17 months on the job. Now, experts say investors are encouraged that Mike Ullman, who took the top job after having led the retailer for seven years before, is beginning to stabilize the business.

“Business is getting better,” said Ken Perkins, president of RetailMetrics LLC, a research firm. Still he added Penney “can't continue to lose money quarter to quarter and remain a going concern.”

Penney lost $489 million, or $1.94 per share, in the three months that ended on Nov. 2. That compares with a loss of $123 million, or 56 cents per share, a year earlier.

HOFFMAN ESTATES, Ill. — Sears’ third-quarter loss widened as the ailing department store operator’s results were hurt by weaker sales at its Kmart and Sears stores.The results underscore the challenges Sears faces as it heads into the critical holiday shopping season. This period is important for retailers because it can comprise up to 40 percent of their annual revenue.The retailer is also in the midst of shifting its business, with less emphasis on its brick-and-mortar stores.For the three months ended Nov. 2, Sears Holdings Corp. lost $534 million, or $5.03 per share. That compares with a loss of $498 million, or $4.70 per share, a year earlier.