JCPenney misses Oct. comps guidance

PLANO, Texas JCPenney today reported that total department store sales increased 1.1% for the four weeks ended Nov. 3, 2007, while comparable-department-store sales decreased 1.8% compared to an 8.1% comparable-store sales increase in last year’s October period. This was below the companies guidance for a low- to mid-single digit increase.

For the month, the best performing merchandise categories were family shoes and selected home categories, while apparel sales were impacted by unseasonable weathe, the company reported. Sales were softest in men’s apparel and women’s accessories. Geographically, the best performance was is in the Northwest region of the country.

According to JCPenney chairman and ceo Myron Ullman, III, sales in the October period reflect a softer consumer spending environment relative to last year as well as the continuation of unseasonable weather patterns in much of the country. “Our customers are clearly facing headwinds that are impacting both sentiment and discretionary spending levels, including weak housing market conditions, high energy prices, and uncertainty in the mortgage and credit markets.