Declines in personal income and consumer spending pressured stocks lower on Friday, but retail shares felt a slightly milder sting on the final trading day in August. The Dow Jones Industrial Average posted a 171.22 point, or 1.5 percent, decline, but the Standard & Poor’s Retail Index was a bit more resilient, losing nearly 1 percent to close at 396.21 and end its brief visit above the 400-point mark. The S&P 500 dropped 1.4 percent to 1,282.82, and the
This story first appeared in the September 2, 2008 issue of WWD. Subscribe Today.
Nasdaq Composite was down 1.8 percent to 2,367.52. However, in Nasdaq trading, Delia’s was a standout, adding 34.6 percent to its share price, and closing the session at $2.49, on the day after the company reported a narrower and lower-than-expected second-quarter loss as well as strong back-to-school business in its stores. On the Paris Bourse, Carrefour and PPR registered share gains of 7.2 and 4.3 percent, respectively, after reporting solid first-half results, although Hermès, which also enjoyed six-month gains, was down 0.6 percent for the day. Closing out the week in which it sold its Rossignol business, Quiksilver made the list of sharpest decliners for the second consecutive day, logging a 4.2 percent dip in its stock on Friday.
* Editor’s note: European stocks are quoted in the currency of their principal exchanges. Shares on the London Stock Exchange are quoted in pence, Richemont and The Swatch Group are quoted in Swiss francs and Hennes & Mauritz is quoted in Swedish kronor. All other European stocks are in euros.