J. C. Penney Company, Inc. saw comparable store sales decrease 1.7% for the month of April, compared to guidance for sales to decrease mid- to high-single digits and compared to a 3.4% decrease last year. Sales benefitted in the month from more favorable weather trends in some regions of the country that boosted seasonal apparel sales, and customer response to promotional and clearance activities.
The top performing merchandise divisions during the month were in apparel and family footwear, while fine jewelry and home categories continued to experience weaker sales. Geographically, the best performing regions of the country were the northeast and central regions.
| Preliminary April Sales Summary | ||||||||||||||||||
| ($ in millions) | ||||||||||||||||||
| % Increase/(Decrease) | ||||||||||||||||||
| Period ended | Total Sales | Comp Stores | ||||||||||||||||
| May 3, | May 5, | |||||||||||||||||
| 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||
4 Weeks | ||||||||||||||||||
| Total Company | $ | 1,333 | $ | 1,321 | 0.9 | (3.5 | ) | (1.7 | ) | (3.4 | ) | |||||||
13 Weeks | ||||||||||||||||||
| Total Company | $ | 4,127 | $ | 4,350 | (5.1 | ) | 3.1 | (7.4 | ) | 3.4 | ||||||||
May Sales Outlook
Managements guidance for the four-week period ending May 31, 2008, is for a mid-single digit decrease in comparable store sales, compared to a 0.9% decrease in last years May period.
