PLANO, TEXAS J.C. Penney Co.'s (JCP) 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. The company's stock price fell 52 cents on the day to close at $16.40, down sharply from a 52-week high of nearly $35 a share.