Retail shares continued their comeback Wednesday, even as the first indications about August sales results left much to be desired. The Standard & Poor’s Retail Index registered a 1.6 percent increase, to 414.27, while the Dow Jones Industrial Average was up just 0.1 percent to 11,532.88. The S&P 500 was off 0.2 percent and the Nasdaq Composite declined 0.7 percent. Jos. A. Bank rallied late in the day, closing with an 11.4 percent increase to $28.69 after reporting a second-quarter earnings increase that beat analysts’ estimates. J.C. Penney and Kohl’s had gains — 2.5
percent and 2.8 percent, respectively — despite reporting lower comparable-store sales, a reflection of the emphasis investors are placing on inventory discipline. Zumiez reported a small comp gain for August after the close of the markets and was up 7.4 percent; Hot Topic was down for August, but its shares rose 6.2 percent. European fashion shares were sluggish, with most issues finishing the session down. Among the exceptions were Safilo Group, which ended Wednesday’s trading in Milan with an increase of 4.7 percent, and Tod’s and IT Holding, which both closed with 2 percent gains. Among other luxury issues, LVMH Moët Hennessy Louis Vuitton was down 3.1 percent and PPR off 2.8 percent on the Paris Bourse.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)