JC Penney Comps Slip 7.2%

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• April 09 2009
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After an 8.8 percent drop in same-store-sales in February, J.C.Penney posted a 7.2 percent ebb in comps for the five week period ending April 4. The news comes on the heels of the 18.5 billion dollar company’s charge into the action sports arena by launching brands with Rusty, Ryan Sheckler, and Zoo York in a push to cement its place in the young men’s market.

According to the release:

“Our success with spring merchandise shows the great work our team has done to combine enhanced style with affordable prices to deliver excellent value to our customers. The positive response we are receiving is most evident across our women’s assortments and increasingly in our home business,” said Myron E. (Mike) Ullman, III, chairman and chief executive officer. “Along with a conservative approach to planning our inventory, adding newness and excitement to our merchandise assortments will continue to be an important part of our strategy in this difficult environment.”

Overall, home was the best performing division in March, while fine jewelry experienced the weakest sales results. Geographically, the best performing area of the country was the central region, while the southeast region had the weakest results.

In the nine-week period, sales were down 6.2% to $2.62 billion. Comps were off 7.8%.