Shares of J.C. Penney Co. Inc. dropped 3.9% in morning trade Tuesday, putting them on track to close at a third-straight record low since the department store chain reported a wider-than-expected second-quarter loss. The stock has now plunged 32.7% amid a 5-session losing streak, the worst 5-day stretch since the stock began trading in January 1972, according to an analysis of FactSet data. J.C. Penney has been trying to fend off the "Amazon effect" which has led to several bankruptcies of brick-and-mortar retailers, by closing stores and focusing on categories such as appliances, but data within the July government retail sales report suggested that Penney's efforts may be for naught. The report said department store sales fell 3.9% from a year ago and electronics and appliance store sales declined 0.5%, while nonstore retailer sales rose 11.5%. The stock has now tumbled 56% year to date, while the SPDR S&P Retail ETF has shed 12% and the S&P 500 has gained 10%.
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