Same-store sales fell more than expected at J.C. Penney Co. Inc. in the first quarter and its net loss nearly doubled after the retailer exited its appliance and in-store furniture businesses, sending shares down more than 9% on May 21.
The 117-year-old department store chain, which earlier this year said it was ditching major appliances like refrigerators and washing machines to focus on clothing, said that move cut comparable sales by 20 basis points.
