Home Factors in JCP's Sales Slide
September 8, 2008-- Home Textiles Today,
Home and jewelry were the weakest departments in a disappointing August for JCPenney; the retailer reported a 3.2% drop in sales to $1.51 billion, with comps sliding 4.9%.
Year-to-date (30 weeks) revenue of $9.92 billion is down 3.7%, with comps down 5.7%.
Looking at the five-week September retail month, 1,083-store JCP projects a "mid- to high-single digit decrease in comparable store sales, compared to a 3.7% decrease during the same period last year."