JC Penney would like investors and regulators to know that someone messed up
In a filing with the SEC on Tuesday morning, retailer JC Penney disclosed that a "senior official" at the company inadvertently sent details about the company's first quarter same-store sales to an analyst.
This official sent an email to an analyst that said quarter-to-date, same-store sales are up about 6% over last year. Because of the Easter holiday, JCP expects same-store sales will be up 3.5%-4.5% at quarter-end.
The official was not supposed to say this.
From the filing:
On April 13, 2015, J. C. Penney Company, Inc. (the "Company") became aware that a senior official of the Company inadvertently sent an e-mail communication to a securities analyst that contained non-public information regarding the Company's comparable store sales results for the fiscal first quarter of 2015 to date, which are approximately 6 percent. Based on results to date, and taking into account the shift of Easter into the fiscal month of March this year, the Company currently expects comparable store sales for the first quarter to be in the range of 3.5 to 4.5 percent.
JC Penney added: "This Current Report on Form 8-K (this "Report") is being furnished solely to satisfy the Company's obligations under Regulation FD in light of the inadvertent disclosure."
Reg FD means that when you tell one person something about the company, you've gotta tell everybody.
And so now we know: JC Penney expects same-store sales will be up 3.5%-4.5% this quarter.