J. C. Penney Company, Inc. reported  comparable store sales for the four-week period ended Jan. 29, 2011, decreased 1.2%.  After strong sales during the first two months of the quarter, which resulted in quarterly sales coming in above the company's expectations, January sales were impacted by lower levels of clearance inventory when compared to the same period last year, as well as by adverse weather conditions.


Geographically, the company's best performing regions were the southwest and northwest, compared to the northeast and southeast regions where winter storms affected sales and traffic trends throughout the month of January.



















































































































































Preliminary January Sales Summary

($ in millions)














Total Company Sales

% Increase/(Decrease)


for period ended

Total Sales

Comp Stores



Jan. 29,

Jan. 30,









2011

2010

2010

2009

  2010

2009













4 Weeks

$      903

$      940

(3.9)

(4.4)

(1.2)

(4.6)













13 Weeks

$      5,703

$    5,550

2.8

(3.6)

4.5

(4.5)













52 Weeks

$     17,758

$   17,556

1.2

(5.0)

2.5

(6.3)


 

Overall, women's apparel and accessories were the top performing merchandise divisions in January.  Sales of Liz Claiborne apparel and accessories continued to perform ahead of expectations, attracting new and existing customers to JCPenney. 

 

Sephora inside JCPenney also continued to attract new customers this month, with more shoppers discovering the unique beauty experience offered within the Sephora inside JCPenney boutiques.  This performance reflects the success of the Company's focus on enhancing the center core of its stores to provide both style and value for modern customers.

Fourth Quarter Earnings Outlook Increased


Due to the better than expected overall sales performance during the quarter, coupled with gross margin performance that was in-line with expectations and rigorous expense management that resulted in expenses being well-leveraged against sales, the company now expects fourth quarter earnings to be in the range of $1.06 to $1.09 per share, including the previously announced one-time restructuring charges of approximately 8 cents per share. Management had previously provided guidance for fourth quarter earnings to be in the range of 90 cents to $1.00 per share.