JCPenney (JCP) SSS Down 12.3%

J. C. Penney Company, Inc. (NYSE: JCP) comparable store sales decreased 12.3% for the five weeks ended April 5, 2008, consistent with the Company's most recent guidance. This compares with an 11.0 percent increase in last year's period. Total sales in March decreased 10.3 percent.

Sales declines during the month were broad-based across most merchandise categories and areas of the country, including soft sales over the Easter period. Customers are responding positively to new American Living product across all categories in which it is available, and Sephora inside JCPenney continues to experience strong sales results.

April Sales Outlook
Management's guidance for the four-week period ending May 3, 2008, is for a mid- to high-single digit decrease in comparable store sales, compared to a 3.4 percent decrease in last year's April period. This guidance reflects the expectation for a continuation of recent trends and the benefit from an extra day of selling in this year's April period. [JT]

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