J.C. Penney Posts Slower Sales Slide as Bass Bets on Revi
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J.C. Penney Co.’s sales decline slowed in the second quarter, a sign Chief Executive Officer Mike Ullman is making progress in a turnaround effort as hedge-fund investors including J. Kyle Bass make bets the retailer will recover.
Revenue in the quarter ended Aug. 3 fell 12 percent to $2.66 billion, the Plano, Texas-based department-store chain said today in a statement. That’s less than the 23 percent drop in the same period last year.