J. C. Penney Company, Inc. reported today that comparable department store sales increased 0.1% for the five weeks ended June 28, 2003. Sales were soft early in the period, then strengthened during Father’s Day and the latter part of the month.
The best performing merchandise categories for the month were Children’s, Family Shoes and Home.
Catalog/Internet recorded its second consecutive monthly sales gain, increasing 1.5 percent. Print media and Internet sales on a combined basis increased, while outlet store sales declined primarily due to fewer stores. Internet sales continue to accelerate, increasing by more than 60 percent for the month.
For July, the Company is planning both comparable department store sales and Catalog/Internet sales of flat to a slight increase, and comparable Eckerd sales to be down slightly.
Second quarter operating profits are trending above last year’s levels for department stores and catalog, and below those levels at Eckerd. As a result, management now expects a second quarter operating loss per share about equal to last year’s quarter.
Preliminary Sales Summary
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($ in millions)
Period ended % Increase/(Decrease)
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June 28, June 29, Comparable
2003 2002 All Stores Stores
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5 Weeks
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Department stores $1,205 $1,224 (1.6) 0.1
Eckerd drugstores 1,405 1,368 2.7 (0.9)
Catalog/Internet 205 202 1.5
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Total Company $2,815 $2,794 0.8
9 Weeks
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Department stores $2,165 $2,170 (0.2) 1.4
Eckerd drugstores 2,557 2,511 1.8 (1.0)
Catalog/Internet 384 380 1.1
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Total Company $5,106 $5,061 0.9
22 Weeks
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Department stores $5,297 $5,516 (4.0) (2.5)
Eckerd drugstores 6,327 6,233 1.5 (1.1)
Catalog/Internet 971 1,040 (6.6)
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Total Company $12,595 $12,789 (1.5)
