AP Photo/Elaine Thompson
JCPenney touched an all-time low of $0.99 a share on Wednesday, its first time trading below $1.
The retailer’s stock has lost more than 30% over the past month after reporting disappointing third-quarter earnings. Same-store sales dropped 5.4%, fell well short of the 0.61% drop that was expected, according to the data provider Refinitiv. With margins under pressure, JCPenney’s net loss widened to $0.48 a share, compared to last year’s loss of $0.40
JCPenney shares traded above $40 at the beginning of 2012, but have been pressured as US brick-and-mortar retail continues to lose share to e-commerce. In an effort to survive, the retailer moved into appliances, helping its sales but hurting its gross margins.
JCPenney was down 71% this year.
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