|JCPenney Reports June Sales|
PLANO, Texas, Jul 08, 2010 (BUSINESS WIRE) --
J. C. Penney Company, Inc. (NYSE:JCP) comparable store sales increased 4.5 percent for the five-week period ended July 3, 2010. In last year's June period, comparable store sales decreased 8.2 percent. Total Company sales in June increased 3.7 percent.
The Company's key apparel businesses showed even stronger underlying trends in the June period, with mid-teen percentage increases in regular and promotional sales across men's, women's, and children's apparel categories. These sharp sales gains were partially offset by lower clearance sales resulting from reduced clearance inventory and the implementation of the Company's non-comparable "Red Zone" clearance strategy earlier this year.
The Company also experienced strong sales for Father's Day appointment shopping and favorable customer response to a wider selection of "wear now" merchandise during the month. The men's division continued to deliver the best merchandise results, driven by a compelling Father's Day gift assortment with strong selling of knit polo shirts, shorts, and branded athletic wear.
Geographically, all regions recorded comparable store sales increases with the southeast region reporting the best results.
The Company finished the month with inventory levels on plan and well positioned for the upcoming Back-to-School selling season.
JCPenney is one of America's leading retailers, operating 1,107 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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