J. C. Penney comparable department store sales decreased 0.8 % for the four weeks ended November 22, 2003. The
best performing merchandise categories for the month were Home, Family Shoes, and Fine Jewelry. The November period did not include the strong sales for the Thanksgiving holiday week.
Catalog/Internet sales increased 11.7 percent, well above
expectations. Both print media and Internet sales continue to improve,
reflecting a favorable customer response to merchandise assortments,
presentation and value. Internet sales continue to experience strong
growth, increasing over 45 percent for the month.
Total drugstore sales increased 0.7 percent. Comparable drugstore
sales decreased 2.7 percent, with pharmacy sales flat and front-end
sales declining 8.5 percent.
For December, the Company currently expects both comparable
department store sales and Catalog/Internet sales to be up low single
digits, and comparable drugstore sales to be down low single digits.
The Company continues to be comfortable with the previously
communicated earnings per share guidance for the fourth quarter and
full year.
Preliminary Sales Summary
-------------------------
($ in millions)Period ended % Increase/(Decrease)
------------------- --------------------------
Nov. 22, Nov. 23, Comparable
2003 2002 All Stores Stores
--------- --------- ----------- --------------
4 Weeks
-----------------------
Department stores $1,384 $1,415 (2.2) (0.8)
Eckerd drugstores 1,145 1,137 0.7 (2.7)
Catalog/Internet 296 265 11.7
--------- ---------
Total Company $2,825 $2,817 0.343 Weeks
-----------------------
Department stores $11,294 $11,514 (1.9) (0.4)
Eckerd drugstores 12,212 11,996 1.8 (1.1)
Catalog/Internet 2,110 2,105 0.2
--------- ---------
Total Company $25,616 $25,615 0.0
