Retail stocks outperformed on Wall Street today as Macy’s Inc., Abercrombie & Fitch and Nordstrom Inc. all advanced.
The S&P 500 Retailing Industry Group gained 0.8 percent, or 5.41 points, to 708.90, as the Dow Jones Industrial Average advanced 0.4 percent, or 53.91 points, to 14,035.67.
Among the top gainers in the retail index were Macy’s Inc., up 3.4 percent to $40.43; Abercrombie & Fitch Co., 2.2 percent to $52.07, and Nordstrom Inc., 1.9 percent to $56.47. Also gaining ground were Tumi Holdings Inc., up 3.8 percent to $23.18; VF Corp., 3.5 percent to $163.38, and Michael Kors Holdings Ltd., 2.5 percent to $64.84.
The sharpest decline in the fashion industry came from Perry Ellis International, shares of which fell 13.1 percent to $16.79 after the company warned its fourth-quarter earnings would come in well below expectations.
The company expects adjusted earnings per share of 48 cents to 50 cents, opposed to the 84 cents analysts projected. Perry Ellis expects revenues to rise 13 percent to $258 million, below the $281.6 million Wall Street projected.
Perry Ellis said $14.5 million in planned wholesale shipments were shifted from the fourth quarter to the first quarter, in part because retailers delayed receipts until the new fiscal quarter.
In Europe, markets were on the rise. Leading the way higher was Paris’ CAC 40, up 1.9 percent to 3,735.82, followed by Milan’s FTSE MIB, up 1.6 percent to 16,664.42; Frankfurt’s DAX, 1.6 percent to 7,752.45, and London’s FTSE 100, 1 percent to 6,379.07.
The gainers included Tod’s, 5.4 percent to 105.60 euros; Salvatore Ferragamo Italia, 3.7 percent to 21.59 euros; Asos, 2.5 percent to 28.30 pounds; Burberry Group, 1.9 percent to13.81 pounds; Luxottica Group, 1.5 percent to 34.38 euros, and LVMH Moët Hennessy Louis Vuitton, 1.1 percent to 133.80 euros.
The pound traded at $1.55 against the dollar while the euro was valued at $1.33.