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.
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
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion