Macy's, JCPenney comps below guidance

NEW YORK and PLANO, Texas Macy’s Inc. and JCPenney today reported their results for the four-week period ended June 2. Macy’s reported total sales of $1.97 billion, a decrease of 2.2% compared to $2.02 billion in the same period last year. JCPenney also saw a decline in total sales, reporting a 0.4% decrease to $1.37 billion from $1.38 billion in 2006.

Macy’s comparable-store sales fell 3.3% in May, compared to the company’s guidance for same-store sales to be flat to down 2%. JCPenney’s comparable-store sales fell below the company’s guidance as well, with the company reporting a 2% decrease, compared to its expectations for flat same-store sales in May.

For the year-to-date period, Macy’s reported total sales of $7.9 billion, down 0.7% from total sales of $8 billion last year. JCPenney saw a modest 2.2% increase in total sales for the year-to-date period, reporting sales of $5.7 billion as compared to $5.6 billion last year.

On a same-store basis, Macy’s year-to-date sales were down 0.5%, while JCPenney’s were up 1.2%.

Macy’s expects same-store sales in June to be flat to drop 2%. JCPenney expects June same-store sales to be down low-single digits.