J. C. Penney Company, Inc. Reports 2011 Fourth Quarter and Full-Year Financial Results

Comparable store sales for the fourth quarter declined 1.8 percent. � Total sales decreased 4.9 percent, reflecting the Company's previous exit from its catalog and catalog outlet businesses. � Internet sales through jcp.com were $480 million Gross margin decreased $506 million Lower than expected sales in the quarter, which resulted in a higher level of markdown activity. � This accounted for approximately 320 basis points of the decline; and Actions taken to convert to the Company's new pricing and promotional strategy. This lowered gross margins by an additional 380 basis points, including: Approximately 260 basis points related to the