J.C. Penney first-quarter sales plunge

Reuters

Retailer J.C. Penney Co Inc on Thursday posted a sharp drop in first-quarter sales, in line with its recent warning.

The company, struggling with mass customer defections after a failed strategic shift by former Chief Executive Ron Johnson, posted total sales of $2.64 billion for the quarter, a decline of 16.4 percent. Same-store sales declined 16.6 percent. Both figures matched the company's forecast from last week.

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(Reporting By Phil Wahba and Ben Berkowitz; Editing by Bernard Orr)