J. C. Penney comparable department store sales increased 5.3% and catalog/Internet sales increased 0.6% for the four weeks ended May 1, 2004. Sales continue to reflect good performance in both fashion and basic merchandise. Internet sales continue to experience strong growth, increasing about 35 percent for the month and 45 percent for the quarter. Sales patterns for both department stores and catalog/Internet reflect an earlier Easter holiday which benefited the March period. On a combined basis, March and April comparable store sales increased 8.5 percent and catalog/Internet sales increased 5.9 percent.
The Company currently expects May sales for both comparable department stores and catalog/Internet to be up low single digits.
While results have not been finalized, operating profit is trending higher than previous guidance. Accordingly, management expects first quarter earnings in the range of $0.30 to $0.35 per share compared to the $0.05 per share earned in last year's first quarter.
Preliminary Sales Summary
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($ in millions)
Period ended % Increase
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May 1, Apr. 26, Comparable
2004 2003 All Stores Stores
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4 Weeks
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Department stores $1,107 $1,054 5.0 5.3
Catalog/Internet 176 175 0.6
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Total $1,283 $1,229 4.4
13 Weeks
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Department stores $3,410 $3,124 9.2 9.5
Catalog/Internet 625 587 6.5
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Total $4,035 $3,711 8.7
