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

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)