Sales fell 4 percent in the first quarter, missing estimates. CNN Money said the retailer, like Sears, is "struggling to adapt to the changing retail landscape as people increasingly shop on their phones."
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Marvin R. Ellison, chairman and chief executive officer, pointed to the cooler-than-normal spring as one reason for the slower sales.
"Although our overall top line sales results came in below our expectations for the quarter, we were encouraged by the strong positive comp performance throughout February and March, as well as the last two weeks of April, when temperatures began to normalize," he stated.
For the first quarter, the J.C. Penney’s net loss was $78 million, though that was less than the loss of $187 million in the same period last year.
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