J.C. Penney Sales Declines Ease on 16% Drop Last Quarter
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J.C. Penney Co., the department-store chain that replaced its chief executive officer last month, said preliminary fiscal first-quarter sales fell 16 percent, a smaller drop than a year earlier.
Sales in the quarter ended May 4 were $2.64 billion, the Plano, Texas-based company said yesterday in a statement. Analysts projected $2.73 billion, the average of 18 estimates compiled by Bloomberg. Sales fell 20 percent in the first quarter last year.