Is JCPenney breaking its promise to offer no more coupons? That depends on who you ask.

In its latest e-mail to customers, the department store chain’s CEO Ron Johnson not only offered an update on the recent changes at the chain, but also dangled an incentive to come back: $10 off customers’ next purchase.

Penney’s spokeswoman Kate Coultas said it’s not a coupon, but rather a gift for its loyal customers.

At least one analyst disagreed. “It’s a coupon rebranded,” said Brian Sozzi, chief equities analyst at NBG Productions. “This tells me that the traffic problem continues.”