J.C. Penney same-store sales fall in August

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.

The company said the decline was in line with its earlier guidance for same-store sales to drop by a percentage in the mid-single digits.

J.C. Penney said total sales in the month fell 3.2 percent to $1.51 billion from $1.56 billion in the year-ago period.

Like many retailers, J.C. Penney has struggled to keep sales growing as consumers cut back on discretionary spending due to high gas prices and the weak housing market.

The retailer said women's apparel and family shoes were strong performers while sales of fine jewelry and home items were weak.

The company said for the month ended Oct. 4, it expects same-store sales to fall in the mid-to high-single digits.