JC Penney 1Q Revenue Down Again

From Our CBS Music Web Sites

453641528 10 JC Penney 1Q Revenue Down AgainAdorbale Baby Animals To Put A Smile On Your Face

150725619 10 JC Penney 1Q Revenue Down AgainHot Models In Glasses

 alt=Musicians Then And Now II

452359780 10 JC Penney 1Q Revenue Down AgainMissing Summer?

87222728 JC Penney 1Q Revenue Down Again8 Reasons to Have A Good Love Life

sx JC Penney 1Q Revenue Down Again Victoria's Secret Fashion Show

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 This material may not be published, broadcast, rewritten or redistributed.)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: