|JCPenney Reports September Sales Results|
PLANO, Texas, Oct 07, 2010 (BUSINESS WIRE) --
J. C. Penney Company, Inc. (NYSE:JCP) comparable store sales increased 5.1 percent for the five-week period ended Oct. 2, 2010, ahead of the Company's expectations. Total Company sales in September increased 2.9 percent.
Overall, men's apparel was the top performing division for the month, followed by shoes and fine jewelry which benefited from its successful Billion Dollar jewelry promotion. During the first two weeks of the month, the Company experienced better-than-expected sales in back-to-school categories, as customers continued to shop closer to need. The Company also noted that sales of Liz Claiborne merchandise performed very well, as new and existing customers discovered its iconic style and quality at great prices, available exclusively at JCPenney.
Geographically, the best performing regions were the southeast and central regions.
Third Quarter Outlook
Due to the continuation of a highly competitive promotional environment and ongoing volatility with regard to consumer discretionary spending, the Company continues to expect third quarter earnings to be in the range of $0.16 to $0.20 per share.
Sales Conference Call Recording (8:30 a.m. ET) -- (877) 793-7778
JCPenney, one of America's leading retailers, operates over 1,100 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, JCPenney 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 $17.6 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, 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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