J. C. Penney Company, Inc. reported comparable store sales increased 4.5% for the five-week period ended July 3, 2010. In last year's June period, comparable store sales decreased 8.2%. Total company sales in June increased 3.7%.
The Company's key apparel businesses showed even stronger underlying trends in the June period, with mid-teen percentage increases in regular and promotional sales across men's, women's, and children's apparel categories. These sharp sales gains were partially offset by lower clearance sales resulting from reduced clearance inventory and the implementation of the Company's non-comparable 'Red Zone' clearance strategy earlier this year.
The Company also experienced strong sales for Father's Day appointment shopping and favorable customer response to a wider selection of 'wear now' merchandise during the month. The men's division continued to deliver the best merchandise results, driven by a compelling Father's Day gift assortment with strong selling of knit polo shirts, shorts, and branded athletic wear.
Geographically, all regions recorded comparable store sales increases with the southeast region reporting the best results.
The Company finished the month with inventory levels on plan and well positioned for the upcoming Back-to-School selling season.
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Preliminary June Sales Summary
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($ in millions) |
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Total Company Sales |
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% Increase/(Decrease) |
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for period ended |
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Total Sales |
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Comp Stores |
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Jul. 3, |
Jul. 4, |
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2010 |
2009 |
2010 |
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2009 |
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2010 |
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2009 |
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5 Weeks |
|
$ |
1,550 |
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$ |
1,495 |
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3.7 |
|
(6.7 |
) |
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4.5 |
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(8.2 |
) |
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9 Weeks |
|
$ |
2,778 |
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$ |
2,749 |
|
1.1 |
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(6.7 |
) |
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1.7 |
|
(8.2 |
) |
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22 Weeks |
|
$ |
6,707 |
|
$ |
6,633 |
|
1.1 |
|
(6.2 |
) |
|
1.6 |
|
(7.8 |
) |
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