JCP says home department redo impacted Q1 sales
Retail Editor 1 -- Home Textiles Today, May 8, 2013
Plano, Texas - JCPenney 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. JCPenney also noted the results "reflect its prior pricing and marketing strategies, which are being changed under new leadership."
The quarter ended three days ago. The company plans to report full financial results May 16.
JCPenney said it expects cash and cash equivalents to be approximately $821 million as of May 4. Total debt is estimated to be approximately $3.818 billion as of the same date, including amounts outstanding on the revolving credit facility of $850 million, long-term debt of $2.868 billion, and capital leases and notes payable of $100 million.
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