PLANO, Texas, Jan. 5, 2012/PRNewswire/ -- J. C. Penney Company, Inc. (NYSE:JCP) reported today that its comparable store sales for the five-week period ended Dec. 31, 2011, increased 0.3 percent. This compares to a 3.7 percent increase in the same period last year. Total Company sales in December decreased 2.3 percent.
For the month, children's apparel and women's accessories were the top performing merchandise divisions. While overall sales and traffic were softer than anticipated, the Company noted better trends in its stores during the week leading up to Christmas and increases in traffic and orders on jcp.com during the key holiday shopping periods of the week after Thanksgivingand the week before Christmas.
Preliminary December Sales Summary | |||||||||||||||||||
($ in millions) | |||||||||||||||||||
Total Company Sales | % Increase/(Decrease) | ||||||||||||||||||
for period ended | Total Sales | Comp Stores | |||||||||||||||||
Dec. 31, | Jan. 01, | ||||||||||||||||||
2011 | 2011 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||
5 Weeks | $ 2,886 | $ 2,955 | (2.3) | 2.3 | 0.3 | 3.7 | |||||||||||||
9 Weeks | $ 4,624 | $ 4,800 | (3.7) | 4.1 | (0.6) | 5.7 | |||||||||||||
48 Weeks | $ 16,459 | $ 16,855 | (2.4) | 1.4 | 0.7 | 2.7 | |||||||||||||
Fourth Quarter Outlook
Due to the softer sales performance during the first two
months of the quarter, the Company now anticipates that
comparable store sales for the fourth quarter will be down
slightly to last year. Earnings before one-time items
identified below, are now expected to be in the range of
$0.65 to $0.70per share on a non-GAAP basis,
reflecting lower sales and higher markdown activity than
anticipated throughout the quarter. On a GAAP
reporting basis, the Company expects to report a fourth
quarter loss in the range of ($0.45) to
($0.30)per share, after including the following
one-time items:
- restructuring and management transition charges that are now expected to be approximately $0.50 to $0.55per share; and
- the financial impact of actions taken to execute changes to the Company's pricing and promotional strategies ahead of the spring 2012 season, that are expected to lower operating income and impact earnings per share by approximately $0.50 to $0.55.
Today's Sales Conference Call Recording (8:30 a.m. ET) -- (877) 793-7778
For further information, contact:
Investor Relations
Kristin Haysand Angelika Torres;
(972) 431-5500
jcpinvestorrelations@jcpenney.com
About J. C. Penney Company, Inc.
J. C. Penney Company, Inc., one of America's leading
retailers, operates over 1,100 jcpenney department stores
throughout the United Statesand 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, the jcpenney
brand 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 $17.8
billionretailer is transforming its organization to
build a sustainable, profitable enterprise that serves its
customers, engages its associates and rewards its
shareholders. For more information visit, .
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 proceedings 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 pricing strategies, changes in tariff, freight and shipping 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, the impact of weather conditions, 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 and legal and regulatory proceedings. 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.
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