J. C. Penney Co. Inc. saw comparable store sales decreased 8.8% for the four-week period ended Feb. 28, better than the companys guidance for a mid-teen decrease. During the same period last year, comparable store sales decreased 6.7%. Total company sales in February decreased 7.2% to $1,17 billion from $1.26 billion.
Womens apparel continued to perform well with customers showing enthusiasm for the Companys exclusive designer apparel and spring merchandise, all available at affordable prices. Overall, home and family shoes were the best performing divisions in February, with the home division benefiting from the shift of the companys home sale event into the February reporting period. Fine jewelry experienced the weakest sales results. The company noted that the sales mix in the period included a lower level of clearance merchandise than last year.
Geographically, the best performing area of the country was the central region, while the southeast region had the weakest results.
Additionally, the Company will celebrate the grand opening of nine new off-mall stores across the country this weekend, including one relocation. Simultaneously, the Company will also mark the opening of its 100th Sephora location as each of the nine new stores will include a Sephora inside JCPenney.
March Sales Guidance
For the five-week period ending April 4, 2009, management expects comparable store sales to decrease in the low-double digit to mid-teen range. In last years March period, comparable store sales decreased 12.3 percent. March sales results this year will be impacted by the shift of Easter into the April reporting period
