J.C. Penney Q1 same-store sales down 16.6%, missing estimates
Plano, Texas -- In preliminary results, J.C. Penney Co. on Tuesday reported that same-store sales in its first quarter decreased approximately 16.6%, a deeper drop than was expected.
The company, which will report full results on May 16, said that it anticipates total sales of approximately $2.635 billion for the quarter, down some 16.4% from $3.152 billion in the same period last year.
Penney said it estimates cash and cash equivalents to be approximately $821 million as of May 4, 2013, with total debt is expected to be approximately $3.818 billion.
The company attributed the sales decline partly to the construction of home departments in 505 stores and to its prior pricing and marketing strategies, which it said are being changed under its new and returning CEO Mike Ullman.