J.C. Penney (JCP $27.10 -0.54) lowered third quarter earnings guidance
to $0.10 to $0.15, excluding non-recurring items, from $0.15 to $0.20 versus the
$0.18 Capital IQ Consensus Estimate.
Due to weaker than anticipated sales performance during the first two months of
the quarter, the company now expects comparable store sales for the third
quarter will be approx. flat to last year, down from +2 to 3% previously. Sep
same store sales were -0.6% versus +0.9% Retail Metrics consensus.
While sales overall were softer than anticipated in September, children's apparel and women's accessories were the better performing merchandise divisions this month. The southeast region was the top performing geographic region in Sept.






