(Filed Under Financial and General Interest News). Despite its positioning as a discount retailer and company claims that results were better than expected, J.C. Penney Company, Inc. (JCPenney) cited dropping sales results during the third quarter ended October 31, 2009. Total sales of $4,179 million, and comparable store sales decreased 3.2 and 4.6 percent, respectively. Best-selling merchandise categories consisted of women’s apparel and shoes.
Third quarter adjusted operating income was 4.3 percent compared to 5.1 percent.
For fiscal 2009, the company now expects comparable store sales to decrease 6.5 to 7 percent. Previously, the company had projected that full-year comparable stores would decrease approximately 7 to 7.5 percent.
JCPenney operates 1,109 department stores throughout the United States and Puerto Rico. In 2008, the company posted revenue of $18.5 billion. For further information, e-mail Phil Sanchez with the company’s investor relations department: PSanc3@JCPenney.com.
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