J. C. Penney Company Inc comparable department store sales increased 1.4 percent for the four weeks ended Nov. 25, 2006, in line with initial expectations for a low-single digit increase and compared with a 3.6 percent gain last year.
Total department store sales increased 3.3 percent for the four weeks. The best sales performances for the month were in fine and fashion jewelry, children's and selected home categories.
The Company saw a positive early response to its “redbox gifts” program and products such as home entertainment, team sports and trim-a-tree. Geographically, the best performance continues to be in the west and southeast regions of the country.
Internet sales through www.jcp.com increased 17.5 percent in November, on top of a 23 percent increase last year. Including print and outlet stores, Direct sales decreased 0.3 percent for the period compared with initial guidance for a low-single digit increase and a 2.5 percent increase last year. The best performing categories in Direct were women's apparel, hard home and shoes.
December Sales and Fourth Quarter Earnings Outlook: For December, both comparable department store and Direct sales are expected to increase low single digits for the five week period ending Dec. 30, 2006. In last year's December period, comparable department store and Direct sales increased 2.2 percent and 4.3 percent, respectively. Management is reaffirming its previous earnings per share guidance for the fourth quarter.
JCPenney, through stores, jcp.com and catalog, is the one-stop destination for all customers' needs this holiday season. With the new “redbox gifts” program highlighting a wide selection of the best gifts to give and get for holiday 2006, at smart prices, JCPenney once again demonstrates its leadership as America's gift headquarters with unique and innovative merchandise for a full range of ages, lifestyles and budgets.
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