A senior executive at JCPenney (NYSE:JCP) inadvertently disclosed information pertaining to the retailer's same-store sales thus far in the first quarter to an analyst.
The executive told the analyst via email that same-store sales were up 6 percent, reported Reuters. The chain previously said it expected same-store sales to rise between 3.5 and 4.5 percent this quarter.
The SEC prohibits public companies from disclosing non-public information to investors and analysts unless the information will be available to everyone. JCPenney's quarterly results will be released in mid-May.
The retailer's same-store sales growth has slowed in the past three quarters from 6.2 percent in the first quarter of 2014.
JCPenney is in the midst of a turnaround plan following difficulties in 2014. The retailer is still recovering from attempts to reinvent itself under former CEO Ron Johnson. And despite the progress made since Mike Ullman's return as CEO, the company said it plans to close 40 stores in the next year, 4 percent of its 1,060 locations, and cut about 2,250 jobs as it tries to raise profits.
-See this Reuters article
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