J. C. Penney total department store sales climb 3.7%
02 Sep '05
2 min read
Plano, Texas based online retailer J. C. Penney Company Inc total department store sales increased 3.7 percent, while comparable store sales increased 2.8 percent for the four weeks ended August 27, 2005. Comparable store sales were in line with previous guidance of a low-single digit increase, and come on top of a 4.1 percent increase in last year's August period.
The best performing merchandise categories for the month were women's accessories and fine jewelry, home furnishings and family shoes. In addition, back to school categories contributed solid results, representing the fifth consecutive year of positive comparable store sales in this important selling season. From a geographical perspective, sales were strongest in the southeast and western regions of the country.
Direct (catalog/Internet) sales were flat, which was in line with previous guidance, and compared to a 6.0 percent increase in last year's August period. Sales for jcpenney.com increased nearly 30 percent for the month, on top of a 35 percent increase last August.
September Sales Guidance
For the month of September, the company expects comparable department store sales to increase low-single digits compared to an increase of 1.8 percent in the same period last year. Direct (catalog/Internet) sales are expected to be about flat versus a 3.3 percent increase last September, with continued strength coming from jcpenney.com.
The company repurchased approximately 3.5million shares of common stock during the four weeks ended August 27, 2005, bringing total fiscal 2005 repurchases to approximately 23.7 million shares of common stock for about $1.2 billion. The company has now completed more than 75 percent of the aggregate $4.15 billion share repurchase programs authorized since 2004, and continues to expect to complete the existing programs by the end of fiscal 2005.Sales Conference Call Recording (8:00 a.m. Eastern) - 402-220-5662.
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