J. C. Penney Company, Inc. reported that comparable department store sales increased 3.2 percent for the four weeks ended May 24, 2003.
All merchandise divisions had positive comparable store sales increases, with the best performance in Children’s, Fine Jewelry and Family Shoes.
Catalog sales increased 0.6 percent, which was above plan, primarily as a result of better print media and Internet sales. Internet sales increased more than 50 percent, benefiting from strong customer response from new and existing customers.
Although the retail environment continues to be challenging, management believes that the previously communicated second quarter earnings per share guidance remains appropriate.
The Company also indicated that it is discontinuing weekly sales updates, but will continue to provide a monthly sales plan for each business.
Preliminary Sales Summary
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($ in millions)
%
Period ended Increase/(Decrease)
------------------------- --------------------
May 24, May 25, All Comparable
2003 2002 Stores Stores
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4 Weeks
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Department stores $960 $946 1.5 3.2
Eckerd drugstores 1,152 1,143 0.8 (1.2)
Catalog 179 178 0.6
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Total Company $2,291 $2,267 1.1
17 Weeks
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Department stores $4,096 $4,292 (4.6) (3.2)
Eckerd drugstores 4,922 4,865 1.2 (1.1)
Catalog 766 838 (8.6)
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Total Company $9,784 $9,995 (2.1)
