Shares of J.C. Penney Co. Inc. tumbled 2.6% toward another record low in active trade Thursday, amid broad weakness in the retail sector after apparel retailer J.Jill Inc.’s profit warning. About 13.8 million shares had changed hands through midday, above the full-day average of 12.7 million shares. Meanwhile, the SPDR S&P Retail ETF was down 1.3% at a 5-week low. J.Jill’s stock plummeted 50% after issuing a profit warning late Wednesday, blaming “product and calendar issues” that are affecting traffic and conversion. J.C. Penney’s stock, which closed at a record low on Wednesday, and two other fresh records earlier this month, has plunged 27% over the past three months and 59% year to date. In comparison, the retail ETF has gained 2.2% over the past three months, while the S&P 500 has climbed 4.5%.
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