By and  on May 15, 2012

J.C. Penney Co. Inc. logged a $163 million first-quarter loss, but chief executive officer Ron Johnson signaled that the retailer’s transformation is “way ahead of schedule” and setting the store on a more fashionable path.

Even so, the quarter was worse than either Johnson or investors expected and shares of Penney’s fell 12 percent to $29.27 in after-hours trading.

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