Home / Knowledge / News / Apparel/Garments / JC Penny Q3 sales fall 8.7%
JC Penny Q3 sales fall 8.7%
15
Nov '08
J. C. Penney Company, Inc. reported earnings per share from continuing operations of $0.55 for the third quarter ended Nov. 1, 2008, compared with $1.17 in last year's third quarter. Net income for the 2008 third quarter was $124 million versus $261 million last year.

"We believe that JCPenney continues to be well positioned in a very challenging retail environment," said Myron E. (Mike) Ullman, III, chairman and chief executive officer. "As sales have been impacted by lower consumer spending and declining mall traffic, we have been effective in reducing SG&A expenses without compromising our customer experience and in managing our inventories to appropriate levels.

Over the course of the third quarter, we have also executed initiatives that bring newness, excitement and convenience for customers into our stores, catalogs and jcp.com.

"For the Christmas shopping season, our gift assortment, including our "redbox gifts(TM)" collection, is more exciting and robust than ever and will allow our customers to make these holidays memorable, special and affordable for their families. We are supporting our holiday assortment through a comprehensive marketing campaign that clearly demonstrates JCPenney's unique value proposition of exceptional style and quality at very affordable prices."

During the quarter, the Company announced that it will launch two new exclusive brands for spring 2009: I "Heart" Ronson, a complete women's fashion sportswear line designed by Charlotte Ronson, one of today's hottest designers; and ALLEN B., a women's fashion sportswear and dress collection for the trendy lifestyle customer from "Master of Trend" Allen B. Schwartz. These new additions will complement other recent brand launches to which customers have responded well, highlighted by the re-launches of Worthington and Stafford, two of America's largest career wear brands.

Mr. Ullman added, "With the expectation that challenging conditions will persist well into 2009, we will be planning our business accordingly. The execution of our Bridge Plan ensures that our strategies directly reflect economic realities while we capitalize on opportunities to maintain and build our market share. Specifically, the continuation of vigilant expense control, inventory management in alignment with expected sales trends, and maintaining our financial strength will position our Company to regain its growth trajectory when the environment improves."

Operating Performance in the Third Quarter:
During the third quarter, total sales decreased 8.7 percent. Comparable store sales decreased 10.1 percent, which was in line with the Company's revised guidance for a low-double digit decrease. The best sales performance was in women's and children's apparel and family shoes, with continued weakness in home and fine jewelry.

Geographically, the best performances were in the northeast and central regions while the southeast and southwest regions were the softest. Internet sales through www.jcp.com decreased 0.3 percent compared with an 11.8 percent increase in the same quarter last year.


Must ReadView All

Tajik textile-apparel exports rise 30% in Jan-Aug 2018

Textiles | On 16th Oct 2018

Tajik textile-apparel exports rise 30% in Jan-Aug 2018

Tajikistan’s production of textile and apparel rose by 30 per cent in ...

Courtesy: Good On You

Apparel/Garments | On 16th Oct 2018

Good On You aims to give consumers access to brand info

Australia based Good On You, an app that provides ratings of over...

Courtesy: Rieter

Textiles | On 16th Oct 2018

Rieter launches new ring and compact spinning machines

Rieter has launched G 37 and G 38, the new ring spinning machines,...

Interviews View All

Vasanth Kumar, Max Fashion India

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Dinaz Madhukar, DLF Emporio and DLF Promenade

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Karen Lou,

Karen Lou

Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...

Pratik Agarwal,

Pratik Agarwal

Breya is a brand of Indo-Western clothes for women owned by ABP Apparels...

Shyam Gupta & Ravi Gupta,

Shyam Gupta & Ravi Gupta

Based out of South Delhi, Gargee Designer's provides bespoke formal and...

Dr. Rene Wollert, Freudenberg Nonwovens

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Silke Brand-Kirsch, Schlegel und Partner

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant & Nandita are known for being inspired by...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search