JCPenney (JCP) Reports August Comp Store Sales Down 7.9%

J. C. Penney Company, Inc. (NYSE: JCP) reported comparable store sales for the four-week period ended Aug. 29, 2009. Comparable store sales in August decreased 7.9%, in-line with the Company’s guidance for sales to decrease 6 to 9 percent. In last year’s August period, comparable store sales decreased 4.9 percent. Total Company sales in August decreased 5.6 percent.

As expected, sales during the month were favorably impacted by the combination of a later start to the Back-to-School selling period and the shift of several state tax-free shopping periods into this year’s fiscal August. This benefit was partially offset by the shift of Labor Day into the September reporting period.

Management’s guidance for the five-week period ending Oct. 3, 2009, is for a 3 to 6% decrease in comparable store sales, compared to a 12.4 percent decrease in last year’s September period. September sales guidance takes into account the shift of Labor Day into the September reporting period from August last year.

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