JCP says home department redo impacted Q1 sales
May 7, 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."