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Retail Stocks Dip in Up Market

Dow closes at another all-time high.

Retail stocks slipped modestly today even as Wall Street nudged higher to a new record close.

The S&P 500 Retailing Industry Group fell 0.2 percent, or 1.42 points, to 720.93, as the Dow Jones Industrial Average rose to 0.2 percent, or 33.25 points, to 14,329.49. The Dow broke through its prior record on Tuesday.

Retail stocks, which closed at a new high on Tuesday, have now fallen for two days straight.

Fashion’s decliners included Ross Stores Inc., down 7.5 percent to $55.23; Michael Kors Holdings, 4.9 percent to $58.21; Zumiez Inc., 4.8 percent to $2; Tilly’s Inc., 4.6 percent to $14, and Coach Inc., 2.8 percent to $48.54.

In Europe, markets closed with modest gains, led by the CAC 40 in Paris, which was up 0.5 percent to 3,793.78.

The DAX in Frankfurt and the FTSE MIB in Milan were both up 0.3 percent, to 7,939.77 and to 15,947.17, respectively, while the FTSE 100 in London advanced 0.2 percent to 6,439.16.

The euro traded at $1.30 against the dollar while the pound traded at $1.51 and the Swiss franc fetched $1.06.

Shares of Safilo Group gained 6.7 percent to 9.28 euros despite reporting a 7.2 percent drop in net profit in 2012. And Carrefour was up 2.9 percent to 22 euros, after reporting net profit more than tripled in 2012 as it disposed of underperforming assets to focus on turning around its key market, France, and expanding in Latin America and Asia.

Among the stocks that lost ground were Geox, down 7.5 percent to 2.28 euros, aftercutting its 2012 dividend on Wednesday, and projecting flat sales for the first half of 2013. Hugo Boss was down 1.1 percent to 89.62 euros.