Retail stocks moved higher on Wall Street today after the Commerce Department boosted its estimate for third-quarter growth in the U.S. economy.
The new reading of the nation's GDP, which showed growth of 4.1 percent instead of the 3.6 percent previously projected, followed the Federal Reserve’s commitment earlier in the week to make only a modest cutback in its bond-buying program. The Fed also committed to keeping a low federal funds rate.
The S&P 500 Retailing Industry Group responded with a 0.3 percent gain to 931.88, putting its advance for the week at 1.9 percent and its gains since the start of the year at 42.7 percent.
The Dow Jones Industrial Average also advanced 0.3 percent, to 16,221.14, while the S&P 500 did slightly better, moving ahead 0.5 percent to 1,818.32.
Leading the charge among fashion, retail and beauty equities tracked by WWD was Christopher & Banks Corp., up 11.4 percent to $8.97. Its shares have appreciated 38.4 percent since its disclosed higher third-quarter profits on Dec. 4. Shares of American Apparel Inc. rose 10 percent to $1.21 while Zumiez Inc.’s shares improved 6.7 percent to $26.37. The Finish Line Inc. saw its shares gain 6.2 percent, to $27.77, following better-than-expected third-quarter profits and sales which were accompanied by an elevation for full-year earnings.
Among only a handful of fashion stocks with declines were The Bon-Ton Stores Inc., off 3 percent to $17.24, and Nike Inc., down 1.2 percent. Nike late Thursday reported second-quarter earnings that outpaced Wall Street’s expectations, although North American sales were slightly weaker than anticipated.
European markets also ended the week on a positive note.
The DAX in Frankfurt climbed 0.7 percent to 9,400.18, just outpacing the FTSE MIB in Milan, which rose 0.6 percent to 18,565.61. The CAC 40 in Paris gained 0.4 percent to 4,193.77 while the FTSE 100 in London rose 0.3 percent to 6,606.58.
Britons also received encouraging news about the pace of economic growth. The U.K.’s Office for National Statistics reported gross domestic product for the third quarter rose 0.8 percent compared with the previous quarter, and was up 1.9 percent compared with the same period last year.
It was a mixed day for Europe's fashion, luxury and retail stocks. Among those finishing ahead were Brunello Cucinelli, up 2.5 percent to 26.08 euros; Aeffe, 2.9 percent to 0.63 euros following disclosure of a distribution deal in Japan, and Burberry, which rose 1 percent to 14.65 pounds.
Those that fell included Safilo Group, down 2 percent to 16.82 euros and Mulberry Group, 1.8 percent to 9.38 pounds.
The euro traded for $1.34 against the U.S. dollar, while the pound went for $1.64.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)