J. C. Penney (JCP) Jan Comps Down 7.5%, Guides
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J. C. Penney Company, Inc. (NYSE: JCP) said comparable department store sales decreased 7.5 percent for the five weeks ended Jan. 5, 2008, compared with guidance for a mid-single digit decrease.
The Company guidance for January is for a mid-single digit decline in both comparable department store sales and Direct sales on a 4-week basis, compared to a 3.6 percent increase and a 1.5 percent decrease, respectively, in last year’s January period.
Based on actual sales results for the November and December periods and the above guidance for January, the Company now expects fourth quarter earnings to be at the lower end of its previous guidance of $1.65 to $1.80 per share. The consensus is $1.70.
The Company guidance for January is for a mid-single digit decline in both comparable department store sales and Direct sales on a 4-week basis, compared to a 3.6 percent increase and a 1.5 percent decrease, respectively, in last year’s January period.
Based on actual sales results for the November and December periods and the above guidance for January, the Company now expects fourth quarter earnings to be at the lower end of its previous guidance of $1.65 to $1.80 per share. The consensus is $1.70.
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