JCPenney reports catalog/Internet sales rise 9.1% for June

08 Jul '05

3 min read

America's largest comparable department store J. C. Penney Corporation Inc announced the sales increased 7.4 percent for the five weeks ended July 2, 2005, which was better than previous guidance of a low-single digit increase. In last year's June period, comparable department store sales increased 4.4 percent.

Total department store sales increased 8.1 percent. Department store sales were positive across all merchandise divisions, with the strongest performance in women's accessories, women's and men's apparel and family shoes. Men's sportswear and accessories performed well during Father's Day.

Geographically, sales were also positive across all regions of the country, with the strongest sales in the northeast.

Direct (catalog/Internet) sales increased 9.1 percent, ahead of previous guidance for a low- to mid-single digit increase and compared to a 3.4 percent decline in the same period last year. The Internet component of sales increased approximately 40 percent for the month on top of a 25 percent increase in the same period last year.

For the month of July, the company expects comparable department store sales to increase low-single digits compared to an increase of 8.1 percent in last year's July period. Direct (catalog/Internet) sales are expected to increase low- to mid-single digits compared to a decline of 1.1 percent last year.

Based on stronger than anticipated sales through June, coupled with improved sell-through of seasonal merchandise, management anticipates second quarter earnings from continuing operations will be in the range of $0.35 to $0.40 per share.

More Textiles News - United States Of America...