J.C. Penney First-Quarter Sales Plunge

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Retailer J.C. Penney Co Inc (JCP.N) on Thursday posted a sharp drop in first-quarter sales, in line with its recent warning.

The entrance of a J.C. Penney store is pictured in Arcadia

Retailer J.C. Penney Co Inc (JCP.N) on Thursday posted a sharp drop in first-quarter sales, in line with its recent warning.

The company, struggling with mass customer defections after a failed strategic shift by former Chief Executive Ron Johnson, posted total sales of $2.64 billion for the quarter, a decline of 16.4 percent. Same-store sales declined 16.6 percent. Both figures matched the company's forecast from last week.

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