As expected, sales at J.C. Penney Co. took a double-digit dive in the first quarter of the fiscal year as the chain battles to win back customers and maintain construction on in-store shops for new merchandise.
On Tuesday, Penney’s released preliminary unaudited sales results for its fiscal first quarter ended May 4, indicating total sales of about $2.64 billion, representing a 16.5 percent decrease from $3.15 billion in the same period last year. Comparable-store sales fell about 16.6 percent from the same period last year.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"