BRIEF-Penney CEO says beginning FY with "clean" inventory levels

Wed Feb 27, 2013 6:42pm EST

Feb 27 (Reuters) - : * J.c. penney co inc CEO says beginning FY with "clean" inventory

levels * Penney CEO says joe fresh is best selling apparel brand on its jcp.com,

average unit retail 20 percent than liz claiborne * Penney CEO says by time home sections open in may, 30 percent of space at 500

stores will be shop in shops * Penney CEO says "we made some big mistakes," takes responsibity for them

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