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JC Penney reports 11.1% rise in May same-store sales

01
Jun '06
Department store chain JC Penney Company Inc has reported that its total department store sales increased 11.2 percent for the four weeks ended May 27th 2006.

On a comparable store basis, sales increased 11.1 percent, well above guidance for a low single digit sales increase. In the same period last year, comparable store sales increased 2.9 percent.

All merchandise divisions had at least high-single digit sales gains for the period with particularly strong results surrounding Mother's Day. The best divisional performance came from fine jewelry, women's accessories, children's apparel and family shoes.

The company also saw strength in apparel sales, particularly in women's dresses and casual sportswear categories. Geographically, all regions of the country generated double digit sales gains.

Direct sales increased 1.6 percent during the period surpassing initial guidance for sales to be about flat. In the same period last year, Direct sales increased 7.8 percent. Internet sales through jcp.com continue to represent the company's fastest growing sales channel, increasing approx. 25 percent in May, on top of a 35 percent increase in last year's period.

For the month of June, management expects both comparable department store and Direct sales to increase slightly, given the strength last year. In last year's June period, comparable department store and Direct sales increased 7.4 percent and 9.1 percent, respectively.

While still early in the quarter, based on sales performance in the May period, management is raising guidance for earnings from continuing operations in the second quarter by $0.02 per share to approx. $0.62 per share, up from previous guidance of approximately $0.60 per share.

JC Penney Corporation Inc, the wholly owned operating subsidiary of JC Penney Company Inc, is one of America's largest department store, catalog, and e-commerce retailers, employing approx. 151,000 associates.

JC Penney Company Inc


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