Back-to-school season boosts Penneys sales

PLANO, Texas JCPenney Co., Inc. today reported that total company sales increased 13.3% for the four weeks ended Aug. 4, including a 13.6% increase in total department store sales. Comparable-department store sales increased 10.8% following a 4.9% increase last year, and compared to guidance for sales to increase low-double digits to mid-teens. According to the company, current month sales benefited from calendar shifts resulting from last year's 53rd week that moved sales for the first week of August, an important back-to-school selling period, into the July reporting period.

For the third quarter, management expects both comparable-department store and direct sales to increase low-single digits.