J. C. Penney Company, Inc. reported a 4.4% decrease in comparable store sales for fiscal May, which was in line with guidance for sales to decrease mid-single digits and compared to a 0.9% decrease last year. Total sales in May decreased 2.4%.
The top performing merchandise divisions during the month were in family footwear and womens accessories, while fine jewelry and most home categories continued to experience weaker sales. Geographically, the best performing region of the country was the northwest.
| Preliminary May Sales Summary | ||||||||||||||||||||||||
| ($ in millions) | ||||||||||||||||||||||||
| % Increase/(Decrease) | ||||||||||||||||||||||||
| Period ended | Total Sales | Comp Stores | ||||||||||||||||||||||
| May 31, | Jun. 2, | |||||||||||||||||||||||
| 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
4 Weeks | ||||||||||||||||||||||||
| Total Company | $ | 1,344 | $ | 1,377 | (2.4 | ) | (0.4 | ) | (4.4 | ) | (0.9 | ) | ||||||||||||
17 Weeks | ||||||||||||||||||||||||
| Total Company | $ | 5,471 | $ | 5,727 | (4.5 | ) | 2.2 | (6.6 | ) | 2.3 | ||||||||||||||
June Sales Outlook
Managements guidance for the five-week period ending July 5, 2008, is for a mid-single digit decrease in comparable store sales, compared to a 0.7% decrease in last years June period.
