J. C. Penney (JCP) Comps Fall 4.5%; Bumps Guidance
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J. C. Penney Company, Inc. (NYSE: JCP) comparable store sales for the four-week period ended Oct. 31, 2009, decreased 4.5 percent, slightly better than the Company’s guidance for sales to decrease 5 to 8 percent.
Women’s apparel and shoes were the top performing merchandise divisions in October, while fine jewelry continued to experience weaker sales. The southwest region was the best performing region in October, and the southeast region had the softest sales during the month.
Management’s guidance for the four-week period ending Nov. 28, 2009, is for a 4 to 7 percent decrease in comparable store sales, compared to an 11.9 percent decrease in last year’s November period.
Management now expects third quarter earnings to be in the range of $0.10 to $0.11 per share, including a charge of approximately $0.03 per share, primarily related to non-recurring real estate impairments. The Company's most recent guidance was for third quarter earnings to be in the range of $0.03 to $0.10 per share. The Wall Street consensus is $0.11.
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