Chico's Stock Plunges Toward Biggest Loss In 11 Years, Weighing Heavily On Retail Sector

Shares of Chico's FAS Inc. sank 15.7% in morning trade Wednesday to the lowest price seen September 2010, after the women's apparel retailer's disappointing fiscal first-quarter results and outlook. The stock is on track to suffer the biggest one-day percentage loss since May 6, 2006, when it plunged 19%. Volume topped 5 million shares within the first 30 minutes after the open, compared with the full-day average of 2.8 million shares. The stock was by far the biggest loser among components of the SPDR S&P Retail ETF , which slid 0.9% to an 11-month low. The next biggest decliner is Tiffany & Co.'s stock , which tumbled 8.9% to a 3-month low, also in the wake of disappointing results. Chico's stock has dropped 34% year to date, while Tiffany shares have gained 9.7%, the XRT has lost 8.9% and the S&P 500 has gained 7.2%.