The Dow Jones Industrial Average climbed 40 points, or 0.4 percent, on Wednesday, but retail stocks were unable to keep pace. The Standard & Poor’s Retail Index dropped 0.5 percent to 367.48 on the day before retailers are to report same-store sales results for July. The Talbots, Chico’s FAS and Charming Shoppes were down 3.9, 2 and 1.4 percent on the day, respectively, while another missy retailer, Christopher & Banks, managed a 1.8 percent increase. Among teen retailers, Zumiez, down 2.7 percent in Tuesday’s session, bounced back with a 6.7 percent increase prior to its disclosure that July same-store sales fell 1.4 percent, more than had been expected. Hot Topic, which also reported same-store sales early, dropped 3.9 percent before it said that July sales were down 2.1 percent on a comparable-store basis, but said it expected a smaller second-quarter loss than originally projected. Among European issues, two of the strongest performances came from Tod’s, whose shares advanced 3.8 percent, and PPR, up 3.1 percent.
This story first appeared in the August 7, 2008 issue of WWD. Subscribe Today.