J. C. Penney Co. Inc. reported net income of $61 million for the first quarter, off 29% from $86 million last year.
The cataloger and retailer reported sales of $3.7 billion for the quarter ended April 26, off 7.1% from $4 billion last year.
The Plano TX firm’s catalog sales decreased 11.1%. Internet sales,– included with catalog– grew more than 25% during the quarter.
“The past three months have represented one of the most difficult retailing environments in recent memory,” xzaid CEO Allen Questrom, in a statement. “Although I am disappointed with the company’s execution, results for the first quarter should not detract from the significant progress that we have made in improving the fundamentals of our business over the past two years.”
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