Shares added 42 cents, to close at $15.87, during Monday’s regular trading session as Wall Street waited for word that Johnson was out, and the stock continued to rise in early after-hours trading.
However, once Penney’s confirmed that Johnson would leave and be succeeded by Myron (Mike) Ullman 3rd, Johnson’s predecessor, Penney’s surrendered its early after-hours gains.
By 5:35 p.m. EDT, after-hours gains that had stretched as high as 10 percent had been transformed into a 5.9 percent decline, 94 cents below the close at $14.93.
Even with the gains garnered before the close of the markets Monday, Penney’s shares are down 19.5 percent since ending 2012 at $19.71.
Prior to the conclusion of the Johnson drama at Penney’s, the S&P 500 Retailing Group picked up 1 percent to 731.97 Monday, outpacing the Dow Jones Industrial Average’s 0.3 percent increase to 14,613.48.
Even with Monday’s gains, shares are down 19.5 percent since ending 2012 at $19.71.
Two Los Angeles area firms, Joe’s Jeans Inc. and Pacific Sunwear of California Inc., were the biggest percentage gainers among apparel and retail stocks Monday, with Joe’s up 5.6 percent to $1.90 and PacSun ahead 5.5 percent to $2.29. Coldwater Creek Inc. and Oxford Industries Inc. also drew approval from the bulls, growing 4 and 3.2 percent, respectively, to $3.14 and $56.23.
Gainers outnumbered decliners by about a three-to-one margin in the world of publicly traded fashion companies Monday. Tandy Brands Accessories Inc. weathered the largest sell-off, falling 3.3 percent to 46 cents as it continued attempts at a restructuring after it fell out of compliance with the profitability covenants of its credit agreement with Wells Fargo.
Another Los Angeles-based concern, American Apparel Inc., shed 0.9 percent to close at $2.10.
European markets closed on an upbeat note after less-than-sunny performances last week. Paris’ CAC 40 and Frankfurt’s DAX led the way, both up 1 percent to 3,666.78 and 7,662.64, respectively. The FTSE 100 in London was ahead 0.4 percent to 6,276.94, while the FTSE MIB in Milan was slightly down at 0.1 percent to 15,243.39.
The pound traded at $1.51 against the dollar, while the euro was worth $1.31 and the Swiss franc fetched $1.07.
Retail and luxury stocks were mostly up, with the day’s strongest gainers including Yoox, up 3.4 percent to 14.74 euros; Mulberry, 2,7 percent to 9.55 pounds; and Compagnie Financière Richemont, 2.2 percent to 72.65 Swiss francs.
Among the stocks losing ground were Asos.com, down 1.3 percent to 31.57 pounds, and Safilo, 1.4 percent to 10.53 euros. Shares of ethical gemstone miner Gemfields took a tumble, dropping 15.9 percent to 0.25 pounds after it said it could be hurt by a possible ban by the Zambian government on selling stones outside the country.
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For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
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“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews