Despite Shaky Start, J.C. Penney Stands Firm on Reinvention Plan

J.C. Penney lost $163 million in the first quarter. Sales skidded 20 percent; traffic slowed 10 percent; conversion and average customer spending both fell 5 percent. Grim results indeed. But don't expect CEO Ron Johnson, President Michael Francis and the rest of the crew to throw in the towel on their retail revolution plan just yet.