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JC Penney April comparable store sales up 2.6%
04 May '06
2 min read
Department store chain JC Penney Company Inc total department store sales increased 3.2 percent for the four weeks ended April 29th 2006.
On a comparable store basis, sales increased 2.6 percent, in line with guidance for a low single digit increase, and compared to a 3.5 percent increase in the same period last year. The southeast and western regions of the country continue to generate the strongest sales results, with the best divisional performance coming from children's, family shoes, and men's apparel.
Direct sales increased 1.5 percent during the period, compared to initial guidance for sales to be flat to up slightly. The sales improvement compared to an increase of 12.5 percent in the April period last year. Internet sales through jcp.com continue to represent the company's fastest growing sales channel, increasing 17 percent in April, on top of a 45 percent increase last year.
For the month of May, management expects comparable department store sales to increase low single digits and Direct sales to be about flat. In last year's May period, comparable department store and Direct sales increased 2.9 percent and 7.8 percent, respectively.
Based on operating performance trends, the company now expects first quarter earnings from continuing operations to be approx. $0.88 per share, including approx. $0.05 per share from real estate income and from lower than expected interest expense. This compares to initial guidance of $0.80 per share for this year's quarter and $0.62 per share last year. Adding this change into full year results, it now expects full year earnings from continuing operations to be in the range of $4.22 to $4.32 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.
On a comparable store basis, sales increased 2.6 percent, in line with guidance for a low single digit increase, and compared to a 3.5 percent increase in the same period last year. The southeast and western regions of the country continue to generate the strongest sales results, with the best divisional performance coming from children's, family shoes, and men's apparel.
Direct sales increased 1.5 percent during the period, compared to initial guidance for sales to be flat to up slightly. The sales improvement compared to an increase of 12.5 percent in the April period last year. Internet sales through jcp.com continue to represent the company's fastest growing sales channel, increasing 17 percent in April, on top of a 45 percent increase last year.
For the month of May, management expects comparable department store sales to increase low single digits and Direct sales to be about flat. In last year's May period, comparable department store and Direct sales increased 2.9 percent and 7.8 percent, respectively.
Based on operating performance trends, the company now expects first quarter earnings from continuing operations to be approx. $0.88 per share, including approx. $0.05 per share from real estate income and from lower than expected interest expense. This compares to initial guidance of $0.80 per share for this year's quarter and $0.62 per share last year. Adding this change into full year results, it now expects full year earnings from continuing operations to be in the range of $4.22 to $4.32 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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