J.C. Penney sales slowly rebound after management change

J.C. Penney reported a 4% drop in sales last month at stores open more than a year but noted an overall positive trend showing a turnaround from its previous double-digit drops in sales that plagued it earlier in the year. The retailer is struggling to bring customers back after a disastrous year-and-a-half under previous management that saw popular home brands removed. "Over the last six months, we have made significant strides and are now seeing positive signs in many important areas of the business, in spite of what continues to be a difficult environment for consumers and retailers in general," said CEO Myron E. Ullman.

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