The chain has completed its 2008 expansion plan of 35 new stores, and will open 17 new stores next year, down from an original 20, largely because of project delays on the developers' end. Future growth in 2009 and 2010 will come in areas where Penney is underrepresented and with developers who are well financed, said Myron E. (Mike) Ullman, III, chairman and CEO.
"We're not trying to lead out of the downturn by taking a lot of risk with projects that are not fully developed," Ullman said.
The company also plans to open 64 more in-store Sephora boutiques this year.
Total sales decreased 8.7% to $4.3 billion. Comparable store sales decreased 10.1%. Internet sales, hit by a decline in home furnishings sales, dropped 0.3%. Net income for the 2008 third quarter was $124 million versus $261 million last year.
JCPenney operates 1,093 department stores throughout the United States and Puerto Rico.
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