Former Apple executive turned J.C. Penney CEO, Ron Johnson, has found out firsthand the difficulty of running a retail chain. The new CEO reported bad news for its company and its investors for its first quarter. The company posted a $163 million loss in sales, which was twice the amount of what analysts projected, according to The Wall Street Journal.
At the beginning of the year, Johnson said he expected the company would meet its 2012 earnings goals, but the report showed the company missed nearly every financial goal for the quarter. The shortcomings were lead by a 20% decline in total sales, falling to $3.15 billion compared to the projected amount of $3.41 billion.
One of its main competitors, Macy’s, reported a 38% increase in its first-quarter earnings.
-Dustin Bass, @dbass_cmn