|J. C. Penney Company, Inc. Reports September Sales results|
PLANO, Texas, Oct. 6, 2011 /PRNewswire via COMTEX/ --
J. C. Penney Company, Inc. (NYSE: JCP) reported today that its comparable store sales for the five-week period ended Oct. 1, 2011, decreased 0.6 percent, compared to a 5.1 percent increase in the same period last year. Total Company sales decreased 3.6 percent for the month. While sales overall were softer than anticipated in September, children's apparel and women's accessories were the better performing merchandise divisions this month. The southeast region was the top performing geographic region in September.
The Company also announced the latest expansion of its successful exclusive attractions, Sephora inside jcpenney and Call it Spring® by The ALDO Group, bringing the total number of locations to 308 and 505, respectively.
Third Quarter Sales and Earnings Outlook
Due to weaker than anticipated sales performance during the first two months of the quarter, the Company now expects comparable store sales for the third quarter will be approximately flat to last year. Earnings before restructuring charges for the third quarter are expected to be in the range of $0.10 to $0.15 per share, or ($0.12) to ($0.07) per share after including restructuring charges that are now expected to total approximately $0.22 per share. This guidance does not include the impact of the Company's voluntary early retirement program. The Company anticipates it will provide additional details about its restructuring charges as well as the financial impact of the voluntary early retirement program as part of the Company's third quarter earnings release. The Company will report third quarter earnings before the market opens on Monday, Nov. 14, 2011.
Today's Sales Conference Call Recording (8:30 a.m. ET) -- (877) 793-7778
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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 pricing strategies, 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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