At the Reuters Global Retail Summit in New York on Wednesday CEO Myron "Mike" Ullman said the fourth-quarter could hold the most potential for the company, which should start to see the benefit of new style at affordable prices, Reuters reported.
J.C. Penney posted a 8.3% decline in May same-store sales, but this number was slightly less than competitor
, which saw a 9.1% drop.
Sales are being driven by off-mall stores, Ullman said at the Reuters conference.
, hurt by heft pension expense. J.C. Penney said it anticipates a loss in the second quarter of 15 cents to 25 cents per share.
Regardless of this upbeat news, shares of the department store dipped 2% to $28.47 in afternoon trading.