The title on this morning’s press release from J. C. Penney(JCP) reads “J. C. Penney Company, Inc. Announces Settlement of Class Action Lawsuit,” and, indeed it did. But hidden in the same press release, in the fourth paragraph the company comments on Q3 numbers.
“While we are confident of our position, resolving this litigation removes any uncertainty and risk, which we believe is in the best interest of our shareholders. Despite the financial impact of the settlement, the majority of which was accrued prior to the third quarter, we are pleased with our third quarter results, including a comparable store sales increase of 6.4% and gross margin and earnings performance that exceeded our expectations,” said Marvin Ellison, CEO for JCPenney.
Given the performance J.C. Penney has had over the past few years, you’d think that they would want to share this news, but they’ve hidden it as though they are embarrassed by it. Odd. The company will report full Q3 results on Friday, November 13 at 7:30AM.
Disclosure: The author holds shares of JCP