(Filed Under Financial and General Interest News). During the fourth quarter ended January 30th, 2010, J.C. Penney Company Inc. cited a net sales drop of 3.6 percent and a comparable store sales drop of 4.5 percent, with the women’s apparel and shoes categories experiencing the strongest results. Earnings per share were 84 cents, higher than company predictions of between 77 and 82 cents per share.

For the first quarter of 2010, the company expects comparable store sales to be flat or slightly positive compared to last year’s first quarter.

Myron (Mike) E. Ullman, III, chairman and chief executive officer of J.C. Penney Company Inc, said the company “far exceeded its expectations and objectives for the year. By stepping up the style of the merchandise we offer customers and enhancing our service in our stores, we were able to drive cash generation and profitability, in spite of the difficult economic climate […] With this strong foundation in place, our focus for fiscal 2010 is driving top-line growth. We intend to deliver positive comparable store sales and market share growth as we leverage our position as a destination for affordable style and create a sense of discovery and excitement for our customers.”

At the end of the fourth quarter, J.C. Penney Company Inc. operated 1,108 JCPenney department stores throughout the United States and Puerto Rico. For further information, contact Phil Sanchez with the company by e-mailing PSanc3@JCPenney.com.

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Published 02-22-2010 by Amanda Torres Price