JC Penney Sales Tow Guidance

JC Penney Company Inc. (JCP - Analyst Report) recently reported sales results. The company’s comparable store sales for the month of November dipped 5.9% compared to an 11.9% decline in the same month last year. Comps were well within the company’s guidance range of a 4% to 7% decline predicted earlier.

Year-to-date, comps have slid 7.0% compared to a fall of 7.9% posted in the same period last year. JC Penney expects comparable store sales to dip in the range of 3% to 6% for the five-week period ending Jan. 2, 2010 compared to an 8.1% decline in the same period last year.

By categories, women’s apparel, accessories and shoes registered an improvement in demand, as the company offered products at compelling prices. However, sales at the children’s division remained sluggish. JC Penney also notified that robust sales for the Black Friday weekend offset slightly lower sales experienced in the middle of the month.

Internet sales through jcp.com rose in the high-teens after the Thanksgiving period, but results of those will be reflected in the December sales results.

Total sales for November declined 5.2% to $1,721 million from $1,815 million reported in the same month last year. Year-to-date sales were down 5.6% to $13,727 million from $14,541 million reported in the same period last year.

JC Penney currently operates 1,109 department stores in the United States and Puerto Rico. The company also operates the largest apparel and home furnishing site, jcp.com, and the largest general merchandise catalog business.

Read the full analyst report on JCP