J. C. Penney Co., Inc.  reported that comparable store sales for the four-week period ended Oct. 31, 2009, decreased 4.5%, slightly better than the company’s guidance for sales to decrease 5% to 8%. In last year’s October period, comparable store sales decreased 13%. Total company sales in October decreased 3.5%.

Women's apparel and shoes were the top performing merchandise divisions in October, while fine jewelry continued to experience weaker sales. The southwest region was the best performing region in October, and the southeast region had the softest sales during the month. The Company experienced sales that were better than expectations during the first two weeks of the period, but sales turned softer and were below expectations the final week.

Preliminary October Sales Summary


($ in millions)


 

 

 

 



Total Company Sales

% Increase/(Decrease)



for period ended

Total Sales

Comp Stores



Oct. 31,

Nov. 01,


 



 



2009

2008

2009

2008

2009

2008













 
4 Weeks

$
1,313

$
1,361

(3.5
)

(11.8
)

(4.5
)

(13.0
)













 
13 Weeks

$
4,179

$
4,318

(3.2
)

(8.7
)

(4.6
)

(10.1
)













 
39 Weeks

$
12,006

$
12,727

(5.7
)

(5.5
)

(7.2
)

(7.3
)

 
Management’s guidance for the four-week period ending Nov. 28, 2009, is for a 4% to 7% decrease in comparable store sales, compared to an 11.9% decrease in last year’s November period.

Management now expects third quarter earnings to be in the range of 10 to 11 cents per share, including a charge of approximately 3 cents per share, primarily related to non-recurring real estate impairments. The company’s most recent guidance was for third quarter earnings to be in the range of 3 cents to 10 cents per share.