JCPenney's total department store sales climb 4.3% in Nov
02 Dec '05
3 min read
Nation's largest catalog merchant JC Penney Company Inc comparable department store sales increased 3.6 percent for the four weeks ended Nov. 26, 2005. Comparable store sales were at the upper end of previous guidance for a low-single digit increase, and come on top of a 12.2 percent increase in last year's November period.
Total department store sales increased 4.3 percent in November. The best performing merchandise categories for the month were women's accessories, family shoes and home. Sales across all regions of the country were positive, with the best performance continuing to be in the southeast and west. Sales benefited from record after-Thanksgiving sales, with strong contributions across all merchandise categories and areas of the country.
Direct (catalog/Internet) sales increased 2.5 percent, which was above previous guidance for flat sales, and compares to a 4.1 percent decline in the November period last year. Sales for jcpenney.com increased approximately 23 percent in November and over 30 percent year-to-date.
December Sales Guidance
For the month of December, the company expects both comparable department store and Direct (catalog/Internet) sales to increase low-single digits. Comparable department store sales decreased 1.3 percent and Direct sales increased 6.7 percent in last year's December period.
Earnings Guidance
While November sales were at the upper end of previous guidance, it remains early in the holiday selling period and the majority of fourth quarter sales and operating profit are attributable to December sales performance. Consequently, management is maintaining previously announced fourth quarter earnings guidance of approximately $1.58 per share.
marketing@alchempro.com
