CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header

Local

JC Penney 1Q Revenue Down Again

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

186152214 JC Penney 1Q Revenue Down AgainJIM GAFFIGAN, "My kids have never eaten Hot Pockets

181572784 8 JC Penney 1Q Revenue Down AgainFunny Faced Cheerleaders

 alt=Musicians Then And Now

455079896 JC Penney 1Q Revenue Down AgainWATCH: Iggy Azalea & JLO's Booty Battle

 alt=Remembering Jimi Hendrix 44 Years Later

cowb thumb JC Penney 1Q Revenue Down AgainCowboys Cheerleaders

PLANO (AP) – J.C. Penney Co.’s first-quarter revenue fell yet again and the struggling department store operator is pointing fingers at prior leadership.

The Plano, Texas company said Wednesday that preliminary information shows its total revenue for the period fell 16 percent year over year to $2.64 billion. That’s worse than the average analyst estimate of $2.74 billion, according to FactSet — a worrying sign as Penney tries to turn around its business.

Sales in stores open at least a year slid 16.6 percent.

The company attributes the decline to construction activity to revamp some of its departments and the pricing and marketing strategies of prior management. The company fired its CEO last month and rehired his predecessor Mike Ullman.

J.C. Penney reports its full results later this month.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Also Check Out: