Shares of Macy’s Inc. backtracked 5.5 percent to close at $56.47 after the department store firm reported higher profits that fell short of Wall Street estimates and brought down its comparable-sales guidance for the year.
The drop at Macy’s pulled down most U.S.-based retail issues, contributing to a flat performance on the day for the WWD Global Stock Tracker, which again landed at 98.28.
Spelling a buying opportunity after Tuesday’s 25.4 percent drop, investors moved in to pick up shares of Kate Spade & Co., which rose 7.8 percent to $31.25 on the day after it reported a smaller second-quarter loss as well as rising margin pressures.
The other large gains among tracker stocks came from Asian-based firms, with Lotte Shopping Co. rising 6.1 percent to 314,500 South Korean won, or $306.19 at current exchange, leading overseas equities. Giordano International Ltd. shares were up 4.9 percent to 4.70 Hong Kong dollars, or 61 cents, while both Anta Sports Products Ltd. and Luen Thai Holdings Ltd. rose 3.2 percent to, respectively, 15.34 Hong Kong dollars, or $1.98, and 2.24 Hong Kong dollars, or 29 cents.
The only tracker component to fall more than Macy’s was Fossil Group Inc., down 5.6 percent to $96.55 on margin concerns following a drop in its second-quarter profits. Shares of American Apparel Inc. were off 5.4 percent to 86 cents, followed in descending order of declines by Perry Ellis International Inc., 4.6 percent to $19.05; Guess Inc., 3.7 percent to $25.04, and Dillard’s Inc., 3.6 percent to $115.38.
The declines came not only as Macy’s started the second-quarter retail earnings season, but also on the day the U.S. Department of Commerce showed that retail sales in July, expected to rise, were flat, with department store sales down a seasonally adjusted 0.7 percent and apparel and accessories store sales up 0.4 percent during the month.
In the broader market, the S&P 500 Retailing Industry Group rose 0.1 percent to 904.46, below the respective 0.6 percent and 0.7 percent gains logged by the Dow Jones Industrial Average and S&P 500, which ended the trading day at 16,651.80 and 1,946.72.
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