J. C. Penney Company, Inc. reported comparable store sales decreased 12.3% for the five weeks ended April 5, consistent with its most recent guidance. This compares with an 11.0% increase in last years period. Total sales in March decreased 10.3% to $ 1.54 billion from $1.72 billion.
Sales declines during the month were broad-based across most merchandise categories and areas of the country, including soft sales over the Easter period. Customers are responding positively to new American Living product across all categories in which it is available, and Sephora inside JCPenney continues to experience strong sales results.
Managements guidance for the four-week period ending May 3, 2008, is for a mid- to high-single digit decrease in comparable store sales, compared to a 3.4% decrease in last years April period. This guidance reflects the expectation for a continuation of recent trends and the benefit from an extra day of selling in this years April period.
