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J.C. Penney Says Executive Inadvertently Disclosed Same-Store Sales

Department store chain J.C. Penney said a senior executive inadvertently disclosed information on its same-store sales in the first quarter so far to an analyst.

Reuters

14 April 2015

NEW YORK, United States — Department store chain J.C. Penney Co Inc said a senior executive inadvertently disclosed information on its same-store sales in the first quarter so far to an analyst.

The executive revealed in an email that the company's same-store sales had risen about 6 percent in the quarter to date, J.C. Penny said on Tuesday.

J.C. Penney said it expected same-store sales to rise by about 3.5-4.5 percent in the first quarter, after adjusting for Easter falling in March this year.

The company, which is expected to release results in mid-May for the February-April first quarter, declined to identify or comment on the executive in question.

Its same-store sales growth has slowed over the past three quarters from 6.2 percent in the first quarter of 2014.

The company's shares fell 3 percent to $9.12 on the New York Stock Exchange.

By Yashaswini Swamynathan; editors: Kirti Pandey and Simon Jennings.

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New York, United States

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