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JCPenney reports lowers sales in June

11
Jul '08
J. C. Penney Company Inc comparable store sales decreased 2.4 percent for the five weeks ended July 5, 2008, compared to the Company's guidance for sales to decrease mid-single digits and compared to a 0.7 percent decrease last year. Total sales in June decreased 0.4 percent.

The women's division was the top performing merchandise division in June, while fine jewelry and home continued to experience softer sales performance. Geographically, the best performing areas of the country were the northeast and central regions.

July Sales Outlook:
Management's guidance for the four-week period ending Aug. 2, 2008, is for a mid-single digit decrease in comparable store sales.

In last year's July period, comparable store sales increased 12.0 percent, largely driven by a calendar shift that moved sales for the first week of August, an important week for Back-to-School sales, into the July reporting period.

J. C. Penney Company Inc


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