J.C. Penney’s Sales Drop 20.1%

May 17, 2012 2:16 AM  By

J.C. Penney has announced its overall sales for the quarter ended April 28 – its first quarter since it transformed with a “Fair and Square” pricing strategy – have dropped 20.1% compared to the same period last year.

The company said in a press release that the total sales decrease includes the effects of the company’s exit from its outlet business.

Ecommerce sales through jcp.com were $271 million in the first quarter, decreasing 27.9% from last year. Comparable store sales for the first quarter declined 18.9%.

But Ron Johnson, J.C. Penney’s CEO, said in a press release that the retailer’s transformation is “ahead of schedule,” and added that “customers love the new jcp they discover in our stores.”

In the release, Johnson said J.C. Penney needs to do a better job to “educate the customer on our pricing strategy and to drive more traffic to our stores.”