U.S. retail stocks closed the week’s opening sessions with gains after dwelling in minus territory for much of the day.
At the close, the S&P 500 Retailing Industry Group eked out a 0.2 percent gain to end the session at 853.29. That was a stronger upswing than the 0.1 percent advance recorded by the Dow Jones Industrial Average, which closed at 16,511.86 and below the 0.4 percent increase produced by the S&P 500, which closed at 1,885.08.
Following disappointing earnings reports from many broadline retailers last week and in advance of results from specialty and off-price stores, stocks treaded water for most of the day before gaining momentum later in the session.
The Bon-Ton Stores Inc., which is slated to report first-quarter results on Thursday, paced the fashion, retail and beauty stocks tracked by WWD with a 6.3 percent increase to $10.77. Stein Mart Inc., also scheduled to report its Q1 results on Thursday, gained 2.5 percent to $13.39. Outside the retail sector, shares of Revlon Inc. added 3.6 percent to close at $30.44.
Shares of J.C. Penney Co. Inc. and Nordstrom Inc. suffered some of the steepest declines, falling 3.8 and 3 percent, respectively, to $9.36 and $68.42.
Shares of Urban Outfitters Inc. were off 0.1 percent to $36.17 during the regular trading session. They shed an additional 3.8 percent after market closed following a first-quarter report in which profits were down slightly more than expected on continuing weakness at the Urban Outfitters brand.
In Europe, Milan’s FTSE MIB was down 1.6 percent to 20,318.46, followed by the FTSE 100 in London, off 0.2 percent to 6,844.55. However, the DAX in Frankfurt and the CAC 40 in Paris were both up 0.3 percent to 9,659.39 and to 4,469.76, respectively.
Retail and luxury stocks were mostly down, with a few exceptions. Among the day’s biggest declines were Koovs’ 5.6 percent descent to 1.53 pounds; Yoox Group’s 3.4 percent slip to 20.90 euros; Bonmarche Holding’s 7.8 percent drop to 2.60 pounds, and Aeffe’s 3.2 percent drop-off to 1.05 euros.
Among the few stocks that did gain ground were Hermès, 2.2 percent to 260 euros; Tod’s, 1.7 percent to 101.50 euros, and Gemfields, 1.3 percent to 40 pence.
The euro traded at $1.37 against the U.S. dollar, while the pound fetched $1.68 and the Swiss franc equaled $1.12.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion