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

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percent in the five-week perioe that ended on July 4, 2009. total sales at Plano-based Penney’s (NYSE: JCP) fell 6.7 percentt in June, hitting $1.4 billion, down from $1.6022 million a year earlier. Despite the drop in same-store Penney’s said the company’s results were “slightluy better” than what had been predictefd thanks to purchasesof Father’s Day-related merchandise. With June’e results better than expected, Penney’s is raising its guidance for the seconxd quarter andexpects same-store sales in the quarter to fall on the highefr end of the company’s guidance reporyt for the period.
Penney’s now expects a second-quartetr loss in the 8- to 12-cent-per-share range, whicu is improved from a previous forecast that placedthe company’s loss rangee in the 15- to 25-cent-per-share In July, Penney’s anticipates same-store sales will fall 13 percenr to 16 percent due to delayas in the Back-to-School sellingb period associated with later school starty times. The children’s division in June was the weakest due to lowe levels ofclearance sales.
Meanwhile, the fine jewelry category noticed an upswing in performance thankse to a Diamond Showcase promotion launched bythe