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J.C. Penney says first quarter same-store sales down 16.6 percent

2013-05-07T202912Z_1_CBRE9461KX400_3_MACYS-PENNEY-STEWART.JPG

 (Copyright Reuters 2013)

J.C. Penney Co Inc on Tuesday said that same-store sales in the first quarter of the fiscal year fell 16.6 percent.

The company, in providing preliminary, partial results for the quarter, also said it had $821 million in cash on hand as of May 4. The department store chain will report full results on May 16.

(Reporting by Phil Wahba in New York; Editing by Bernard Orr)