J. C. Penney Company, Inc. comparable store sales decreased 3.8% for the five-week period ended Jan. 2, 2010, which was at the favorable end of the company’s guidance of a 3 to 6 % sales decline. In last year’s December period, comparable store sales decreased 8.1 %. Total company sales in December decreased 2.4 %.
Total sales for the period declined 2.4% to $2.89 billion. For the nine weeks ended Jan. 2, 2010, total sales declined 3.5% to $4.61 billion on a 4.5% decline in comp stores sales.
For the period, women’s and men’s apparel, accessories and shoes were the top performing merchandise divisions, while home experienced the weakest sales. The central region was the best performing region in December, and the northwest region had the softest sales during the month. Internet sales through jcp.com increased strongly in December, with high-teen increases in orders for the key holiday shopping periods of Black Friday weekend and the week before Christmas.
Management’s guidance for the four-week period ending Jan. 30, 2010, is for a 5% to 8% decrease in comparable store sales, compared to a 16.4% decrease in last year’s January period. Based on sales results for the first two months of the quarter and expectations for January, management expects comparable store sales for the fourth quarter to decrease approximately 5%, which is in the middle of the original guidance range for sales to decrease 4% to 6%.
Based on operating performance during the first two months of the quarter, as well as expectations for the January period, management now expects to report fourth quarter earnings of 77 to 82 cents per share, which is at the higher end of previous guidance for earnings to be in the range of 70 to 85 cents per share. For full year 2009, management expects earnings to be in the range of $1.00 to $1.05 per share.
For the period, women’s and men’s apparel, accessories and shoes were the top performing merchandise divisions, while home experienced the weakest sales. The central region was the best performing region in December, and the northwest region had the softest sales during the month. Internet sales through jcp.com increased strongly in December, with high-teen increases in orders for the key holiday shopping periods of Black Friday weekend and the week before Christmas.
Management’s guidance for the four-week period ending Jan. 30, 2010, is for a 5% to 8% decrease in comparable store sales, compared to a 16.4% decrease in last year’s January period. Based on sales results for the first two months of the quarter and expectations for January, management expects comparable store sales for the fourth quarter to decrease approximately 5%, which is in the middle of the original guidance range for sales to decrease 4% to 6%.
Based on operating performance during the first two months of the quarter, as well as expectations for the January period, management now expects to report fourth quarter earnings of 77 to 82 cents per share, which is at the higher end of previous guidance for earnings to be in the range of 70 to 85 cents per share. For full year 2009, management expects earnings to be in the range of $1.00 to $1.05 per share.
