Ann Inc., warning of second-quarter results that fell far short of earlier guidance, lost the most ground on a day when the WWD Global Stock Tracker declined after two days of gains.
The Tracker surrendered 0.8 percent to end the day at 96.92. The percentage drop was the third largest since WWD’s monitor of 100 major fashion, luxury, retail and beauty stocks around the world was inaugurated on July 8.
Ann Inc. warned this morning that second-quarter sales fell far short of the $648 million it had projected in its initial quarterly guidance, set on May 30, for sales of $670 million. Hurt by the weak performance of knit tops in its Loft division, corporate gross margin is expected to come in at 52.4 percent of sales, 110 basis points below guidance.
Shares ended the day at $36.02, 5.3 percent below their end point on Wednesday. The second-largest fall came from The Bon-Ton Stores Inc., with shares off 5.1 percent to $9.19, followed by Ann’s rival missy retailer, Chico’s FAS Inc., off 4.9 percent to $15.30.
Adidas fell 4.5 percent to 55.50 euros, or $74.24 at current exchange, and American Apparel Inc. was down 4 percent to 88 cents.
A smaller group of equities with gains was led by Trinity Ltd., up 3.1 percent to 1.98 Hong Kong dollars, or 26 cents, and Anta Sports Products Ltd., up 2.5 percent to 14.60 Hong Kong dollars, or $1.88.
J.C. Penney Co. Inc.’s shares were up 2.5 percent to $9.20, while L Brand Incs Inc, advanced 2.4 percent to $60.62. L Brands impressed Wall Street with its report that corporate comps were up 6 percent in July, in between Victoria’s Secret Stores gain of 5 percent and Bath & Body Works’ 7 percent rise.
Yoox.com shares rose 2.4 percent to 17.87 euros, or $23.90.
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)
Discovery is collaborating with British pop artist @philipcolbert on a new line of clothing and accessories called Discovery Shark. The collection, which will launch next summer for Shark Week’s 30th anniversary, features a whimsical line of women’s and men’s bomber jackets, sweatshirts, bags and more. #wwdfashion
“I’m always a big champion of a female rapper, and I’m glad to see a new voice that feels unique and authentic that’s coming up, and I think we’re going to see more great things from her,” said @itsjeremyscott about @iamcardib, who performed at @moschino’s Art Basel Miami Beach party last night. #wwdeye (📷: @lexieblacklock)
@janellemonae’s “What’s Your Frequency?” room in @refinery29's #29Rooms made its debut this week at the opening of the Los Angeles art exhibit. “It’s about the ongoing conversation around mass surveillance, the weaponization of technology and cultural uniformity. My space was created so that we can come together and talk about the complexities of our humanity,” said Monáe. #wwdeye (📷: @bucknerphoto)
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)