J. C. Penney (JCP) July Comps Down 6.5%; Raises Q2 EPS Outlook

J. C. Penney Company, Inc. (NYSE: JCP) today announced same store sales for the month of July were down 6.5% compared to a 12% increase in the same period last year.

Sees same store sales in August down mid-single digit compared to down 2.4% in August '07.

Due to better than expected sell-through of promotionally priced merchandise and continued expense management measures taken over the course of the quarter, JCPenney raises its Q2 EPS guidance from about $0.38 to $0.50-$0.52. The Street estimate is currently $0.39.

J. C. Penney Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., sells merchandise and services to customers through its department stores and catalog/Internet channels.

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