J.C. Penney Co. Inc. reported
comparable store sales decreased 8.2% for the four weeks ended May 30, slightly
better than the company's guidance for sales to decrease 9% to 12% and compared
to a 4.4% decrease last year. Total sales in May decreased 6.7% to $1.25 billion
from $1.34 billion.
The top performing
merchandise division during the month was the women's division, as the customer
continued to respond well to the company's spring apparel offerings. The fine
jewelry division experienced the weakest sales during the month. Geographically,
the best performing region of the country was the southwest while the southeast
region experienced the weakest results.
In the 17 weeks, comps
were down 7.7%. Net sales were off 6.1% to $5.14 billion.
June Sales Outlook
Management's guidance for
the five-week period ending July 4, 2009, is for a 9% to 12% decrease in
comparable store sales, compared to a 2.4% decrease in last year's June
period.
