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JCPenney Reports August Sales in Line with Management Guidance

PLANO, Texas--(BUSINESS WIRE)--Sep. 3, 2009-- J. C. Penney Company, Inc. (NYSE:JCP) reported comparable store sales for the four-week period ended Aug. 29, 2009. Comparable store sales in August decreased 7.9 percent, in-line with the Company’s guidance for sales to decrease 6 to 9 percent. In last year’s August period, comparable store sales decreased 4.9 percent. Total Company sales in August decreased 5.6 percent.

As expected, sales during the month were favorably impacted by the combination of a later start to the Back-to-School selling period and the shift of several state tax-free shopping periods into this year’s fiscal August. This benefit was partially offset by the shift of Labor Day into the September reporting period.

Women’s apparel was the top performing merchandise division in August and continues to experience positive customer reaction to new brands and enhanced style. The children’s division also performed well during August with both boys and girls apparel experiencing favorable Back-to-School sales. Home was the weakest performing division during the month. The southeast and southwest regions were the best performing regions in August, while the northeast region had the softest sales performance during the month.

Preliminary August Sales Summary

($ in millions)
Total Company Sales % Increase/(Decrease)
for period ended Total Sales Comp Stores
Aug. 29, Aug. 30,    
2009 2008 2009 2008 2009 2008

4 Weeks

$ 1,428 $ 1,513 (5.6 ) (3.2 ) (7.9 ) (4.9 )

30 Weeks

$ 9,255 $ 9,922 (6.7 ) (3.7 ) (8.4 ) (5.7 )

September Sales Outlook

Management’s guidance for the five-week period ending Oct. 3, 2009, is for a 3 to 6 percent decrease in comparable store sales, compared to a 12.4 percent decrease in last year’s September period. September sales guidance takes into account the shift of Labor Day into the September reporting period from August last year.

CEO Mike Ullman Presentation at Goldman Sachs Global Retailing Conference

Myron E. (Mike) Ullman III, chairman and chief executive officer of JCPenney, will present at the Goldman Sachs Sixteenth Annual Global Retailing Conference in New York City on Sept. 9, 2009. The presentation, which will be available via webcast, is scheduled to begin at 11:10 a.m. ET. The live webcast may be accessed via JCPenney’s Investor Relations page at Replays of the webcast will be available for up to 30 days after the event.

Sales Conference Call Recording (8:30 a.m. ET) -- (877)793-7778

About JCPenney

JCPenney is one of America's leading retailers, operating 1,106 department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet,, 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" brand positioning, intended to generate deeper, more emotionally driven relationships with customers by fully engaging the Company's approximately 150,000 Associates to offer encouragement, provide ideas and inspire customers every time they shop with JCPenney.

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, paper and postal 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, 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.

J. C. Penney Company, Inc.
Investor Relations:
Phil Sanchez, 972-431-5575
Kristin Hays, 972-431-1261
Media Relations:
Darcie Brossart, 972-431-3400
Corporate Website:

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