JCP Says Home Department Redo Impacted Q1 Sales

JC Penney announced its first-quarter sales fell 16.4% to $2.635 billion, with comps down 16.6%.
     The company said construction in the home department undertaken to transform the space into a series of shops was in part responsible for the performance. JC Penney also noted the results "reflect its prior pricing and marketing strategies, which are being changed under new leadership."
     The company plans to report full financial results May 16.

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