The Dallas Morning News
J.C. Penney began a pivotal year under new management with a bigger sales decline and wider loss than analysts expected, but chief executive officer Jill Soltau said the Plano-based department store has "made solid progress acting swiftly, but thoughtfully."
The transformation of 117-year-old Penney, "will take time," she said on a conference call Tuesday morning to review results. Saying she's not guiding on future performance, but it's been her experience that in a turnaround where many aspects go into "righting the ship, things can get worse before they get better." . . . more