J.C. Penney Co.'s same-store sales drop 8% - Wichita Business Journal:

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percent in the five-weekk period that ended on July 4, 2009. total sales at Plano-based Penney’s (NYSE: JCP) fell 6.7 perceny in June, hitting $1.4 billion, down from $1.601 million a year earlier. Despite the drop in same-store sales, Penney’s said the company’s results were “slightlyt better” than what had been predicted thanks to purchasesaof Father’s Day-related merchandise. With June’s resultws better than expected, Penney’s is raisiny its guidance for the second quarter andexpects same-stord sales in the quarter to fall on the highefr end of the company’s guidance repor t for the period.
Penney’s now expects a second-quartere loss in the 8- to 12-cent-per-share which is improved from a previoue forecast that placedthe company’s loss range in the 15- to 25-cent-per-shar e range. In July, Penney’s anticipates same-store salea will fall 13 percent to 16 percen due to delays inthe Back-to-Schoopl selling period associated with later school starg times. The children’s division in June was the weakest due to lower levels ofclearancr sales.
Meanwhile, the fine jewelry category noticer an upswing in performance thank s to a Diamond Showcase promotion launched bythe