Department-store operator J.C. Penney (JCP - commentary - Cramer's Take) reported a 4% decline in August same-store sales, or sales at stores open at least a year. That was better than the company's guidance for a mid- to high-single-digit sales decline, and it beat analysts' forecast for a 5.3% drop.

The decline reflected a calendar shift that moved sales for the first week of August -- an important back-to-school sales week -- into the July reporting period. Penney touted the strength of its back-to-school merchandise, noting that same-store sales for junior's, young men's, boy's and girl's apparel and for children's shoes all have increased by at least the midsingle digits since mid-July.

Another big back-to-school player, American Eagle Outfitters (AEO - commentary - Cramer's Take), posted a 9% rise in same-store sales, or comps. The jump topped Wall Street's target for a 6% rise, according to Thomson Financial.

"August sales reflected the company's strong position as a destination for back-to-school shopping, as well as the company's commitment to delivering relevant collections that strike the right balance between fashion basics and on-trend items," the teen-apparel chain said.

American Eagle reiterated its forecast for third-quarter earnings of 47 cents to 48 cents a share, up from 44 cents last year. Analysts, on average, project earnings of 48 cents a share.