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JC Penney reports 24.8% decline in net sales for FY2012

RBR Staff Writer Published 28 February 2013

US-based department store chain JC Penney has posted net sales of $12.99bn for the 2012 financial year, declining 24.8% when compared to fiscal 2011.

Comparable store sales declined 25.2% during the year while internet sales also declined 33%.

JC Penney CEO Ron Johnson remarked that the sales and consumer traffic for the year were below expectations for the fiscal as the retailer remains in a transition phase to improve cost structure, technology platforms and the overall customer experience.

"We have accomplished so much in the last twelve months. We believe the bold actions taken in 2012 will materially improve the Company's long-term growth and profitability," added Johnson.

Looking ahead to 2013, the retailer plans to unveil 700 Joe Fresh apparel shops on March 15, 2013 as as part of transforming nearly 11 million square feet of retail space.

Opening of 60 Sephora inside jcpenney stores and closure of 20 shops designated for home products in 505 stores is also part of the transformational plan.

"Combining a new marketing campaign focused on style and value, incredible new brands and updated merchandise, with continued enhancements to the customer experience both in our stores and on jcp.com, we are working towards reconnecting with our core customer while attracting new customers to jcpenney," concluded Johnson.