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JCPenney sales dropped 20.1% in the first quarter

Plano, Texas - JCPenney just released the numbers on its first quarter performance, saying that while the transformation of the company to a new strategy is ahead of schedule, "sales and profitability have been tougher than expected."
Net loss was $55 million compared to net income of $65 million for the year-ago period.
Sales fell 20.1% to $3.15 million, with comps down 18.9%.
"While we have work to do to educate the customer on our pricing strategy and to drive more traffic to our stores, we are confident in our vision to become America's favorite store. We fully expect that the bold and strategic changes we are making to our operations will result in improved profitability and sustainable growth over the long term," said Ron Johnson, ceo.
Johnson will hold a face-to-face meeting with analysts in New York to discuss the results and the new strategy beginning at 5 p.m. Eastern today. HTT will live-Tweet the session @HomeTextilesTod and will post a story on afterward.


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