PLANO, Texas -- J. C. Penney Company, Inc. (NYSE:JCP) comparable store sales decreased 3.8 percent for the five-week period ended Jan. 2, 2010, which was at the favorable end of the Company鈥檚 guidance for sales to decrease 3 to 6 percent. In last year鈥檚 December period, comparable store sales decreased 8.1 percent. Total Company sales in December decreased 2.4 percent.
fake rolexFor the period, women鈥檚 and men鈥檚 apparel, accessories and shoes were the top performing merchandise divisions, while home experienced the weakest sales. The central region was the best performing region in December, and the northwest region had the softest sales during the month. Internet sales through jcp.com increased strongly in December, with high-teen increases in orders for the key holiday shopping periods of Black Friday weekend and the week before Christmas.
鈥淛CPenney completed a successful holiday selling period by delivering the right combination of stylish merchandise, affordable prices, and industry leading service to our customers,鈥?said Myron E. (Mike) Ullman, III, chairman and chief executive officer of JCPenney. 鈥淎s we continue to focus on rigorously managing our business, our team has been able to achieve significant gross margin improvement, control operating expenses, and enhance our cash flow metrics. We remain on track to finish 2009 in both a stronger competitive and financial position.鈥?
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January and Fourth Quarter Sales Outlook
Management鈥檚 guidance for the four-week period ending Jan. 30, 2010, is for a 5 to 8 percent decrease in comparable store sales, compared to a 16.4 percent decrease in last year鈥檚 January period. Based on sales results for the first two months of the quarter and expectations for January, management expects comparable store sales for the fourth quarter to decrease approximately 5 percent, which is in the middle of the original guidance range for sales to decrease 4 to 6 percent.
Fourth Quarter and 2009 Earnings Guidance
replica breitlingBased on operating performance during the first two months of the quarter, as well as expectations for the January period, management now expects to report fourth quarter earnings of $0.77 to $0.82 per share, which is at the higher end of previous guidance for earnings to be in the range of $0.70 to $0.85 per share. For full year 2009, management expects earnings to be in the range of $1.00 to $1.05 per share.
Sales Conference Call Recording (8:30 a.m. ET) -- (877) 793-7778
About JCPenney
JCPenney is one of America's leading retailers, operating 1,109 department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet, jcp.com, and the nation's largest general merchandise catalog business. Through these integrated channels, JCPenney offers a wide array of national, private and exclusive brands which reflect the Company's commitment to providing customers with style and quality at a smart price. Traded as "JCP" on the New York Stock Exchange, the Company posted revenue of $18.5 billion in 2008 and is executing its strategic plan to be the growth leader in the retail industry. Key to this strategy is JCPenney's "Every Day Matters" bra
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