Company’s Strategic Initiatives Drive 9.2 Percent Comparable Store Sales Growth
PLANO, Texas, Dec 02, 2010 (BUSINESS WIRE) –
J. C. Penney Company, Inc. (NYSE:JCP) reported today that its comparable store sales for the four-week period ended Nov. 27, 2010, increased 9.2 percent over last year. All divisions and regions experienced comparable store sales growth in November with shoes and men’s apparel reporting the best results over last year. Geographically, the best performing regions were the central and southwest regions. Total Company sales in November increased 7.2 percent.
The Company noted that its holiday season has gotten off to a strong start with the biggest Black Friday sales event in its history, as sales of JCPenney’s stylish merchandise and innovative gift assortments for a full range of ages, lifestyles, and budgets drove performance. Top selling items on Black Friday and Cyber Monday included JCPenney’s assortment of fashion boots, the St. John’s Bay(R) cashmere-blend pea coat, and Liz Claiborne(R) sportswear for women, as well as St. John’s Bay polos and Stafford(R) flannel sleep pants for men. Customers also chose to shop for holiday gift items through jcp.com, as traffic and conversion on the Company’s ecommerce site were well-ahead of last year throughout the holiday weekend.
“Our strong performance shows that the merchandising initiatives our leadership team put in place earlier this year, coupled with our new brands, power private brands, and industry-leading customer service are delivering for us. Customers are responding very well to our gift assortments as well as taking advantage of our great promotions in order to buy for themselves. We are well prepared for the season and look forward to continuing to offer our customers an exciting and affordable shopping experience for the holidays,” said Myron E. (Mike) Ullman, III, chairman and chief executive officer.
Preliminary November Sales Summary
($ in millions)
Total Company Sales % Increase/(Decrease)
for period ended Total Sales Comp Stores
Nov. 27, Nov. 28,
2010 2009 2010 2009 2010 2009
$ 1,845 $ 1,721 7.2 (5.2 ) 9.2 (5.9 )
$ 13,900 $ 13,727 1.3 (5.6 ) 2.5 (7.0 )
Sales Conference Call Recording (8:30 a.m. ET) — (877) 793-7778
JCPenney, one of America’s leading retailers, operates over 1,100 department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet, jcp.com. Serving more than half of America’s families each year, JCPenney offers a wide array of private, exclusive and national brands which reflect the Company’s vision to be America’s shopping destination for discovering great styles at compelling prices. Traded as “JCP” on the New York Stock Exchange, the $17.6 billion retailer is transforming its organization to support its Long Range Plan strategies to build a sustainable, profitable enterprise that serves its customers, engages its associates and rewards its shareholders. For more information visit www.jcpenney.net.
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which reflect the Company’s current views of future events and financial performance, involve known and unknown risks and uncertainties that may cause the Company’s actual results to be materially different from planned or expected results. Those risks and uncertainties include, but are not limited to, general economic conditions, including inflation, recession, unemployment levels, consumer spending patterns, credit availability and debt levels, changes in store traffic trends, the cost of goods, trade restrictions, changes in tariff, freight, paper and postal rates, changes in the cost of fuel and other energy and transportation costs, increases in wage and benefit costs, competition and retail industry consolidations, interest rate fluctuations, dollar and other currency valuations, risks associated with war, an act of terrorism or pandemic, and a systems failure and/or security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or Company information. Please refer to the Company’s most recent Form 10-K and subsequent filings for a further discussion of risks and uncertainties. Investors should take such risks into account when making investment decisions. We do not undertake to update these forward-looking statements as of any future date.
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