J. C. Penney Company Inc total department store sales increased 10.2 percent for the five weeks ended Sept. 30, 2006, and comparable store sales increased 8.7 percent, well ahead of initial guidance for the month.
In last year's September period, comparable store sales increased 1.4 percent. Sales were strong across all apparel and accessory categories, with the best divisional performances in fine jewelry, children's and men's.
Geographically, all regions had comparative store sales gains, with the best results in the northeast and central regions.
Direct sales in total increased 11.8 percent for the period, also well ahead of initial guidance. In the same period last year, Direct sales increased 0.4 percent.
Internet sales through company website continue to represent the Company's fastest growing sales channel, increasing approximately 36 percent in September on top of a 30 percent increase last year.
Sales Outlook As noted previously, management believes it is prudent to take a cautious view of the consumer environment, as evidenced by continuing softness in big ticket home categories.
Accordingly, management expects both comparable department store and Direct sales to increase low single digits in the four week October period. In last year's October period, comparable department store sales increased 2.4 percent and Direct sales declined 2.9 percent.
This week, the Company is opening 20 new stores in markets throughout the United States, with the majority of the stores built in the successful new off-mall format.
marketing@alchempro.com
