JCPenney management happy with early back-to-school results
10 Aug '07
3 min read
J. C. Penney Company Inc total company sales increased 13.3 percent for the four weeks ended Aug. 4, 2007, including a 13.6 percent increase in total department store sales. Comparable department store sales increased 10.8 percent following a 4.9 percent increase last year, and compared to guidance for sales to increase low-double digits to mid-teens.
As previously communicated, current month sales benefited from calendar shifts resulting from last year's 53rd week that moved sales for the first week of August, an important Back-to-School selling period, into the July reporting period.
For the month, comparable department store sales increased at least mid-single digits across all merchandise divisions and high-single digits in all regions of the country. Management is pleased with early results across Back-to-School merchandise categories, as well as the positive customer response to recent promotional events in fine jewelry and home, including furniture.
On August 3rd, the Company opened 14 new or relocated stores, of which 12 stores are in the Company's off-mall format. Seven of the new stores offer Sephora inside JCPenney.
Internet sales through www.jcp.com increased 28.4 percent for the month, on top of a 21 percent increase last year. Total Direct sales increased 11.5 percent, which exceeded management's most recent guidance for a low-single digit sales increase. Direct sales for the month also benefited from the calendar shift related to last year's 53rd week and enhanced clearance/promotional activities.
marketing@alchempro.com
