The change in reporting methodology will better reflect the Company's consolidation of merchandising and marketing functions for department stores, jcp.com, and catalog and is consistent with the sales reporting practices of other major retailers. In addition to comparable store sales, the Company will report total sales.
The following guidance for February reflects the new sales reporting methodology. For February, total sales are expected to be about flat, and comparable department store sales are expected to decrease low-single digits.
In the February 2007 period, total sales increased 0.9 percent, and comparable store sales increased 1.5 percent as shown in the attached table of historical comparable store sales performance as calculated under the new reporting methodology.
Based on improved January sales and preliminary earnings results, the Company now projects fourth quarter earnings to be at the high end of its original guidance range of $1.65 to $1.80 per share.