J. C. Penney Company, Inc. reported that comparable department store sales decreased 6.9 percent for the four weeks ended April 26, 2003, compared with last year’s strong 5.5 percent gain. Children’s was the best performing category and reflected good Easter apparel sales.
Total drugstore sales increased 2.4 percent, while comparable drugstore sales increased 0.4 percent. Comparable store pharmacy sales increased 1.4 percent and front-end sales decreased 1.7 percent. Pharmacy sales were negatively impacted by approximately 470 basis points from the effects of lower priced generic drugs and other changes to branded drugs. The best performing front-end categories were over-the-counter medications and Easter seasonal merchandise, including candy and greeting cards.
Catalog sales decreased 7.4 percent, which was better than plan. Internet sales, which are included in catalog, continue to experience strong growth, increasing by more than 25 percent for both the month and the quarter.
Preliminary Sales Summary
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($ in millions)
Period ended % Increase/(Decrease)
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Apr. 26, Apr. 27, Comparable
2003 2002 All Stores Stores
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4 Weeks
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Department stores $1,057 $1,152 (8.2) (6.9)
Eckerd drugstores 1,151 1,123 2.4 0.4
Catalog 175 189 (7.4)
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Total Company $2,383 $2,464 (3.3)
13 Weeks
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Department stores $3,136 $3,346 (6.3) (4.9)
Eckerd drugstores 3,770 3,722 1.3 (1.1)
Catalog 587 660 (11.1)
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Total Company $7,493 $7,728 (3.0)
