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JCPenney Beats Estimates, Cites Sales Drop

(Filed Under Financial and General Interest News). JCPenney reported a decline in second quarter sales of 7.9 percent from sales during last year’s quarter, with comparable store sales decreasing by 9.5 percent. Women’s apparel and shoes experienced the strongest results of the retailer’s merchandise categories, and the southwest was the best performing region nationwide. Children’s apparel and the southeast region experienced the weakest results.

Despite sales drops, JCPenney said it experienced success in the quarter due to its previously announced Bridge Plan cost-cutting strategy. Net income of 0 cents per share beat analysts’ expectations of negative-1 cent per share. The company’s management raised full-year 2009 guidance to between 75 and 90 cents per share compared to previously released guidance of $50 to $65 cents per share. During the third quarter, the company estimates that total sales will decrease by 5.5 to 6 percent.

JCPenney currently operates 1,106 discount department stores throughout the United States and Puerto Rico, as well as the e-commerce website

more Financial and General Interest News >>

Published 08-18-2009 by Amanda Torres Price

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JCPenney Beats Estimates, Cites Sales Drop

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