Sales down 1.6 percent at JC Penney for 1Q 2016

Sales down 1.6 percent at JC Penney for 1Q 2016

JC Penney shocked analysts on Friday, reporting sales well below expectations for the first quarter of 2016. Net sales were down 1.6 percent to US$2.81 billion.

CEO Marvin Ellison reassured investors, claiming that the company’s growth strategy remains ‘on track’, with its store-in-store Sephora outlets continuing to drive traffic.

The retailer has managed to beat analysts’ expectations on one count, however, with a loss of US$68 million – or 22 cents per share – compared to a loss of US$150 million for the same period in 2015.

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