J.C. Penney CEO says retailer to return to growth this year

Wed Feb 6, 2013 12:09pm EST

Feb 6 (Reuters) - J.C. Penney Co Inc Chief Executive Ron Johnson still believes the department store operator will return to growth in 2013 despite dramatic sales declines in fiscal 2012, he told CNBC in an interview on Wednesday.

Johnson also said the retailer will continue to be able to use cash generated from its operations to fund the multi-year transformation of its 700 largest stores into a collection of 100 boutiques in each. Penney is still on track to open 30 of those this year, he added.

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