Shares of J.C. Penney Co. Inc. soared in the aftermath of a better-than-expected fourth-quarter results as retail shares managed small gains.
The S&P 500 Retailing Industry Group was up 0.1 percent to 934.32, padding its winning streak to six sessions. The Dow Jones Industrial Average and S&P 500 both ended with 0.5 percent increases, to 16,272.65 and 1,854.29, respectively.
Penney’s shares assumed a starring role in a generally flat market, rising 25.3 percent to $7.47, their first close above $7 since Jan. 15, following Wednesday evening’s report of the midtier retailer’s small net profit for the fourth quarter and word that a Securities and Exchange Commission inquiry into a secondary stock offering in September had ended.
Sears Holdings Corp. also enjoyed a stock lift based on earnings results. Shares were up 6.5 percent to $43.01 as its fourth-quarter loss of $358 million a share was lower than analysts had estimated. Kohl’s Corp. shares strengthened 2.4 percent to $55.74 following the company’s report on lower earnings that beat estimates and its own updated guidance.
However, Chico’s FAS Inc. saw its share drop 8.5 percent, to $16.47, on its small fourth-quarter loss and revenue decline of 6.4 percent.
After the markets closed, Gap Inc. reported lower fourth-quarter earnings that were slightly better than Wall Street had been figuring but provided guidance for 2014 EPS below analysts’ consensus views. Shares declined 0.5 percent to $43.68 during the day’s regular trading session and fell 1.7 percent, to $42.95, following the close of the markets and the release of results.
With the exception of London’s FTSE 100, which rose 0.2 percent to 6,810.27, European stock markets closed on a down note.
The DAX in Frankfurt fell 0.8 percent to 9,588.33, followed by the FTSE MIB in Milan, 0.4 percent to 20,320.98 and the CAC 40 in Paris, 0.01 percent to 4,396.39.
Among retail and luxury stocks, the day’s biggest gainers included Mulberry Group, 2.9 percent to 6.60 pounds, and Gemfields, 1.3 percent to 36 pence.
Stocks losing ground included Brunello Cucinelli, 1.3 percent to 20.34 euros; Ferragamo, 1.7 percent to 23.25 euros; Metro AG, 3.2 percent to 30.34 euros, and Bonmarché Holding, 2.8 percent to 2.81 pounds.
The euro traded at $1.37, while the pound fetched $1.67, and the Swiss franc equaled $1.13.
@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)