Outlook:
Management is reaffirming its most recent guidance for first quarter earnings, which will be reported on May 17th. In addition, sales guidance for the four-week May period is for comparable store sales to be flat and Direct sales to decline mid-single digits.
In last year's May period, comparable department store sales increased 11.1 percent, representing the strongest monthly increase in 2006. May sales guidance compares the four weeks ending June 2, 2007, with the four weeks ended May 27, 2006, and includes the calendar shift which moves Memorial Day into this year's May period. Direct sales are expected to decline due to continued softness in home categories, coupled with softness in the Spring/Summer Big Book, and compare to a 1.6 percent increase last year.
Management will host a live conference call and real-time webcast on May 17, 2007, beginning at 9:30 a.m. ET. Access to the conference call is open to the press and general public in a listen only mode. The live webcast may be accessed via JCPenney's Investor Relations page at company's website.
marketing@alchempro.com
