|J. C. Penney Company, Inc. Reports June Sales Results|
PLANO, Texas, July 7, 2011 /PRNewswire via COMTEX/ --
J. C. Penney Company, Inc. (NYSE: JCP) reported today that its comparable store sales for the five-week period ended July 2, 2011, increased 2.0 percent over the same period last year. Overall, fine jewelry was the top performing division in June, with women's apparel also delivering strong results. The Company also noted that its men's apparel businesses reported solid sales increases during the Father's Day appointment shopping period, on top of a very strong performance during the same period last year.
Geographically, the northeast region was the top performing region of the country. Total company sales were essentially flat for the month.
Second Quarter Sales and Earnings Outlook
Given the softer than anticipated selling environment for the moderate customer and the resulting higher level of promotional activity during the quarter, the Company now expects comparable store sales for the second quarter to increase approximately 1 to 2 percent and for earnings per share, including non-comparable charges, to be in the area of last year's second quarter, when it reported earnings of $0.06 per share.
The Company will update its outlook for the full year 2011 when it releases second quarter earnings on Friday, Aug. 12, 2011.
Today's Sales Conference Call Recording (8:30 a.m. ET) -- (877) 793-7778
For further information, contact:
About J. C. Penney Company, Inc.
J. C. Penney Company, Inc., one of America's leading retailers, operates over 1,100 jcpenney 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. Serving more than half of America's families each year, the jcpenney brand offers a wide array of private, exclusive and national brands which reflect the Company's vision to be America's shopping destination for discovering great styles at compelling prices. Traded as "JCP" on the New York Stock Exchange, the $17.8 billion retailer is transforming its organization to support its Long Range Plan strategies to build a sustainable, profitable enterprise that serves its customers, engages its associates and rewards its shareholders. For more information visit, www.jcpenney.net.
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which reflect the Company's current views of future events and financial performance, involve known and unknown risks and uncertainties that may cause the Company's actual results to be materially different from planned or expected results. Those risks and uncertainties include, but are not limited to, general economic conditions, including inflation, recession, unemployment levels, consumer spending patterns, credit availability and debt levels, changes in store traffic trends, the cost of goods, trade restrictions, changes in tariff, freight and shipping rates, changes in the cost of fuel and other energy and transportation costs, increases in wage and benefit costs, competition and retail industry consolidations, interest rate fluctuations, dollar and other currency valuations, the impact of weather conditions, risks associated with war, an act of terrorism or pandemic, and a systems failure and/or security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or Company information. Please refer to the Company's most recent Form 10-K and subsequent filings for a further discussion of risks and uncertainties. Investors should take such risks into account when making investment decisions. We do not undertake to update these forward-looking statements as of any future date.
SOURCE J. C. Penney Company, Inc.
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