JCPenney dips below $1 for the first time

  • JCPenney touched an all-time low of $US0.99 a share on Wednesday, its first time trading below $US1.
  • Shares have plunged more than 30% since the retailer posted disappointing third-quarter results.
  • The retailer has been pressured over the past few years as US brick-and-mortar retail continues to lose business to e-commerce.
  • Watch JCPenney trade live.

JCPenney touched an all-time low of $US0.99 a share on Wednesday, its first time trading below $US1.

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 $US0.48 a share, compared to last year’s loss of $US0.40

JCPenney shares traded above $US40 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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