J. C. Penney Company Inc. (JCP: 22.53 -0.83 -3.55%), a leading retailer of apparel, footwear, accessories, fashion jewelry, beauty products and home furnishings, recently reported better-than-expected sales for the five-week period ended July 3, 2010.The company’s comparable-store sales for June 2010 climbed 4.5%, reflecting a sharp improvement from a decline of 1.8% and a fall of 8.2%, witnessed in May 2010 and June 2009, respectively. Year-to-date comparable-store sales edged up 1.6% compared with a decline of 7.8% experienced in the year-ago period.
Total sales also portrayed a drastic improvement. After tumbling 2.1% in May 2010, total sales for June grew 3.7% to $1,550 million from $1,495 million in the same month last year. Year-to-date total sales inched up 1.1% to $6,707 million from $6,633 million in the year-ago period.
The Plano, Texas-based retailer, J. C. Penney, notified that apparel remains the strongest category among the men’s, women’s and children’s sections, each delivering mid-teen percentage growth as customers flocked to a variety of ‘wear now’ merchandise during the month under review. These gains were partly offset by lower clearance sales on account of reduced clearance inventory.
The men’s division was the best performer, posting robust merchandise results on account of Father’s Day. Geographically, all the regions registered healthy comparable-store sales performance, particularly the southeast region.
The Plano, Texas-based retailer, J. C. Penney, notified that apparel remains the strongest category among the men’s, women’s and children’s sections, each delivering mid-teen percentage growth as customers flocked to a variety of ‘wear now’ merchandise during the month under review. These gains were partly offset by lower clearance sales on account of reduced clearance inventory.
The men’s division was the best performer, posting robust merchandise results on account of Father’s Day. Geographically, all the regions registered healthy comparable-store sales performance, particularly the southeast region.
J. C. Penney currently operates 1,107 department stores in the United States and Puerto Rico. The company also operates one of the largest apparel and home furnishing sites, jcp.com, and general merchandise catalog business.| Analysts' Targets | |
| Citigroup | $45 |
| Buy | |
| Thursday, March 18, 2010 | |
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