While sales levels for J.C. Penney Company Inc. were below those of 2007’s levels, the company’s Internet channel fared better this year, although the company did not break out sales numbers for it.
During the five weeks leading up to Jan. 3, J.C. Penney generated $2.96 billion in sales, down from $3.18 billion a year ago. In the nine weeks before Jan. 3, the company racked up $4.78 billion, a drop from $5.23 billion.
The sales drop is even more distressing given the company’s “aggressive promotional pricing action across all channels” in December, according to a statement. The company did not offer margin or net income figures in its release.
The bad news isn’t stopping. Comparable store sales were off 8.6% during the five weeks leading up to Jan. 3. According to management guidance, comparable store sales for the four weeks leading up to Jan. 31, 2009 should reflect “a low double-digit decrease”, representing a distressing acceleration trend.
