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U.S. Retail Stocks Continue to Slide

Sector retreats further from Friday’s peak, falling 0.5 percent.

U.S. retail stocks continued to back off their all-time high set last week, slipping 0.5 percent today.

 

The S&P Retail Index declined 3.35 points to 661.03 — down 1.9 percent from its peak, set Friday. The Dow Jones Industrial Average notched a gain of just 11.54 points to 13,564.64 after having spent much of the day in negative territory. Investors were unsettled by a weak profit forecast from shipping giant FedEx, which said first-quarter results were hurt by “weak global economic conditions.”

 

The fashion decliners included Tumi Holdings Inc., down 4.9 percent to $24.16; The Bon-Ton Stores Inc., 4.9 percent to $12.96; Movado Group Inc., 3.9 percent to $35; Ann Inc., 3.1 percent to $37.49, and Lululemon Athletica Inc., 3.1 percent to $75.01.

 

Markets continued to retreat in Europe as well. Milan’s FTSE MIB declined 2.4 percent to 16,076.03, as Paris’ CAC 40 slipped 1.2 percent to 3,512.69; Frankfurt’s DAX declined 0.8 percent to 7,347.69 and London’s FTSE 100 decreased 0.4 percent to 7,347.69.

 

The decliners included Etam Developpement, down 5.8 percent to 13.61 euros; Safilo Group, 2.6 percent to 6.10 euros; Marks and Spencer Group, 1.7 percent to 3.65 pounds, and Burberry Group, 1.4 percent to 10.60 pounds.

 

The pound traded at $1.62 against the dollar and the euro at $1.30.