JCPenney August comps drop in line with outlook

PLANO, Texas JCPenney comparable-store sales decreased 4.9% for the four-week period ended Aug. 30, 2008, in-line with the company’s guidance for sales to decrease mid-single digits. In last year’s August reporting period, comparable-store sales decreased 2.4%. Total company sales in August decreased 3.2%.

Women’s apparel and family shoes were the strongest performing merchandise divisions in August, while fine jewelry and home experienced the weakest sales during the month. The central and northwest regions were the best performing regions, with the southeast experiencing the softest sales in August.

Management’s guidance for the five-week period ending Oct. 4, is for a mid- to high-single digit decrease in comparable-store sales, compared to a 3.7% decrease during the same period last year.