|JCPenney Reports May Sales|
PLANO, Texas, Jun 03, 2010 (BUSINESS WIRE) --J. C. Penney Company, Inc. (NYSE:JCP) comparable store sales decreased 1.8 percent for the four weeks ended May 29, 2010, while total sales decreased 2.1 percent. May sales results were generally in line with the Company's expectations for the month, and management continues to expect second quarter comparable store sales to increase in the range of 2.5 to 3 percent. In last year's May period, comparable store sales decreased 8.2 percent.
As noted previously, sales during the month reflected a negative impact from the shift of Memorial Day shopping into the June reporting period. For the May period, men's, women's accessories, and shoes and handbags were the top performing merchandise divisions. Geographically, the central and northeast regions had the best sales performance.
Internet Sales Reporting
For the May reporting period, Internet sales through jcp.com increased 3.1 percent. Beginning in May, the Company has revised the components of its Internet sales calculation. In order to better align with industry practices, Internet sales for the Company now include all on-line sales generated by store associates at the point-of-sale terminal to accommodate customer orders. Previously, only a portion of such sales have been included as Internet sales. In addition, on-line orders originating from catalog books will no longer be included in Internet sales and will be recorded as catalog sales.
For the first quarter of 2010, Internet sales increased 3.3 percent under the new calculation compared to an increase of 0.9 percent as originally reported. For comparable store sales, the impact of the change by month and for the first quarter of 2010 is shown in the following table:
For 2009, the change in methodology did not have a material impact on reported sales for Internet or comparable stores.
Sales Conference Call Recording (8:30 a.m. ET) -- (877) 793-7778
JCPenney is one of America's leading retailers, operating 1,108 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 $17.6 billion in 2009 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.
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