J.C. Penney (NYSE:JCP) is clearly moving in the right direction when it comes to its turnaround. Both sales and profit margins are showing promising performance, and management is quite optimistic regarding chances for a sustainable turnaround. Importantly, the company still offers substantial room for gains when compared with industry peers Macy's (NYSE:M) and Kohl's (NYSE:KSS).

The slideshow below contains some ideas for investors interested in J.C. Penney and its potential for gains in the years ahead.