Growing concerns about China’s growth trajectory and unstable world currencies combined to send the Dow Jones Industrial Average down 2 percent, with retail shares falling nearly as much.
The S&P 500 Retailing Industry Group suffered its seventh consecutive negative session, and its 12th in 16 trading days this year, as it contracted 1.9 percent to 892.58.
On a percentage basis, that was just slightly less than the 318.24-point decline logged by the Dow, to 15,879.11, and the 2.1 percent, or 38.17-point, contraction hitting the S&P 500, which ended the week at 1,790.29.
In the course of a single day, the Dow, S&P and S&P Retail Index surrendered their recent milestone marks of 16,000, 1,800 and 900, respectively.
The Procter & Gamble Co. was one of only nine fashion, retail and beauty firms to post positive results among the 88 U.S.-based firms monitored by WWD. P&G shares rose 1.2 percent to $79.18 after the consumer goods giant reported second-quarter profits that were slightly better than those expected by Wall Street and reiterated its guidance for second-half profit improvement. Sears Holdings Corp. advanced 2.1 percent to $38.15.
Among those suffering large declines were The Bon-Ton Stores Corp., down 4.2 percent to $7.14; Aéropostale Inc., down 3.7 percent to $7.26; American Eagle Outfitters Inc., down 3.2 percent to $12.77, and Burlington Stores Inc., down 2.4 percent to $26.96.
Europe’s markets suffered a similar fate to close out the week, with the CAC 40 in Paris declining 2.8 percent to 4,161.47, Frankfurt’s DAX down 2.5 percent to 9,392.02 and the FTSE MIB in Milan off 2.3 percent to 19,358.99. The FTSE 100 in London fared best, dipping 1.6 percent to 6,663.74.
With Friday’s declines, the S&P retail index is off 5 percent for the year while the Dow and S&P 500 have pulled back 4.2 and 3.1 percent, respectively. In Europe, only the Milan exchange is up in 2014, advancing 2.1 percent, while the CAC 40 is off 3.1 percent, the DAX off 1.7 percent and the FTSE 100 off 1.3 percent.
European retail and luxury stocks, meanwhile, were mostly down, with the exception of Moncler, which advanced 1.5 percent to 13.50 euros, and Gemfields, 2.1 percent to 0.36 pounds.
Among the stocks that lost the most ground were Carrefour, 4.4 percent to 25.01 euros; French Connection Group, 4.1 percent to 35 pence; Metro AG, 5.6 percent to 32.42 euros; Unilever, 2.7 percent to 28.91 euros; and Yoox.com, 3.1 percent to 27.58 euros.
The euro traded at $1.36 against the U.S. Dollar while the pound fetched $1.66 and the Swiss franc equaled $1.10.
@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
@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)