Comparable store sales increased 6.4%, which beat analysts’ estimates of a 4.2% increase. All of its geographic regions had comparable store sales with the best performance from the northeast and southwest regions. Net sales for the month increased 2.7% to $1.21 billion.
JCP reported that net sales for January decreased 2.9% to $903 million compared to the same period a year ago. Comparable store sales decreased 1.2%, which JCP attributed to lower levels of clearance inventory and adverse weather conditions compared to January 2009. This 1.2% decrease was less than analysts’ estimates of a 1.8% increase. However, JCP raised its earnings per share estimate to $1.06 to $1.09, which is higher than analysts’ estimates of $0.97.
For the month of December, JCP reported net sales of $2.96 billion, which was a 2.3% increase from December 2009. Comparable store sales increased 3.7%, which beat analysts' expectations of a 3.3% increase. The company attributed this to promotional events, good customer service, and appealing gift assortments.
In November, JCP reported that its comparable store sales for the month increased 9.2% from the same period last year. Net sales increased 7.2% to $1.85 billion. JCP attributes this positive sale performance to the strong start of the holiday season
For October, JCP's comparable store sales fell 1.9% compared to the same period a year ago. Its total sales also fell 3.3% to $1.27 billion. This is largely attributed to fewer sweater, fleece, and coat sales due to the warmer weather in October.
For September, JCP's comparable store sales for the month increased 5.1% while its total net sales increased 2.9% to $1.48 billion compared to August. This was due to high performance in men's apparel and shoes merchandise.
J.C. Penney cut its first-quarter fiscal year losses to 5 to 10 cents a share, as opposed to earlier estimates of 20 to 30 cents per share. Both estimates include 23 cents per share on non-cash pension expenses.
Numerous national retailers such as Wal-Mart, American Eagle and J.C. Penney reported sales that either exceeded investor expectations (in the case of an increase) or were below expectations (in the case of a decrease). This development has caused investors to believe consumer fear is decreasing and the bottom of the retail slump may be in sight.
J.C. Penney's net income for the third quarter of fiscal year 2008 decreased 52% from the same period last year. Total sales for the quarter fell to 8.7% to $4.32 billion and same-store sales decreased by 10%. Officials at JCP believe this challenging economic environment will continue into 2009.
JCP reported net income of $0.52 per share, 1 cent higher than analyst estimates, for the second quarter of 2008 as sales declined 2.5% and same store sales decreased 4.3%.
JCP reported a 0.4% decline in net sales in June 2008, as comparable store sales declined 2.4%. The department store's sales fared better than its higher-priced counterparts, such as Nordstrom (JWN) which posted an 18% decline in same store sales, as shoppers looked for low prices in June with the U.S. economy continuing to struggle.[1]
J.C. Penney's investors pull back in the face of weak sales for May and impressive results from competitors like Wal-Mart and Saks (SKS).
J.C. Penney reports that first quarter profits are up 13% year over date. The company credits the renewed growth to its push into private and exclusive branding.
A 9% sell-off in the Chinese stock market roils markets world-wide. The New York Stock Exchange suffers a major sell-off; despite recent highs, J.C. Penney investors join the global selling frenzy.
