JCPenney reports Feb. comps drop

PLANO, Texas JCPenney today reported that comparable-store sales decreased 6.7% for the four weeks ended March 1, compared with guidance for a low-single digit decrease. In last year’s February period, comparable-store sales increased 1.5%. Total sales in February decreased 4.4%.

JCPenney said that women’s and children’s apparel and family footwear were the best performing merchandise divisions for the February period. The company also commented that its new American Living concept has "enjoyed a good initial customer response." Home categories and the Southeast region continue to experience the softest results, the company reported.

JCPenney said it expects a low-single digit increase in March comparable-store sales. This is compared to an 11% increase in last year’s period. Total sales for the March period are expected to be about flat.