JCPenney monthly comps down 1.9%

PLANO, Texas JCPenney today reported that comparable-department-store sales decreased 1.9% for the four weeks ended Feb. 2, 2008, compared with guidance for a mid-single digit decrease and a 3.6% increase in last year's January period. Total department store sales in January increased 1.7% on a four-week basis.

JCPenney reported that the best performing categories for the month were men's, women's and children's apparel. The weakest categories were home and fine jewelry. The company said it performed best in the Northwest region of the United States and performed worst in the Southeast.

The company expects total sales for February to be flat and comparable-department-store sales to decrease low-single digits. In February 2007 period, total sales increased 0.9%, and comparable-store sales increased 1.5%.

Based on improved January sales and preliminary earnings results, the company now projects fourth quarter earnings to be at the high end of its original guidance range of $1.65 to $1.80 per share.