Weak second-quarter results hit Quiksilver Inc. hard today, pushing its stock down 41.1 percent to $3.41 in a modestly down market.
Late Monday, the company offered a disappointing report on the quarter, revealing a larger-than-expected loss on lower-than-expected revenues. That led to downgrades from both Stifel Nicolaus and Monness Crespi and left the stock at with its lowest close since Nov. 2, 2012.
Two other southern California firms, both retailers which have recently reported difficult quarters, saw their stocks lose significant ground as well. The Wet Seal Inc. shares were off 4.2 percent to 85 cents and Pacific Sunwear of California Inc. surrendered 3.8 percent to close at $2.28.
Overall, retail stocks were down modestly. The S&P 500 Retailing Industry Group slipped 0.1 percent to 876.07 after dipping less than 0.1 percent on Monday. However, the International Council of Shopping Centers-Goldman Sachs retail sales index had some good news for merchants. According to the index, sales for the week ended Saturday rose 3.1 percent on a year-on-year basis — the second-strongest increase of the last 12 months.
In the broader market, the Dow Jones Industrial Average lost 0.1 percent, closing at 16,722.34, while the S&P 500 came closest to the breakeven point, slipping less than 0.1 percent to 1,924.24. The declines for the Dow and the S&P ended a three-session winning streak.
Among fashion, retail and beauty firms whose stocks are monitored by WWD, the largest increase came from G-III Apparel Group Ltd., up 8.7 percent to $82.54, after it reported first-quarter profits far in excess of consensus estimates. Express Inc. shares were up 3.8 percent to $13.51 while Tumi Holdings Inc.’s stock rose 1.9 percent to $18.52.
European markets were down at the close of trading, with Milan’s FTSE MIB off the most with a 0.6 percent decline to 21,656.65.
The FTSE 100 in London retreated 0.4 percent to 6,836.30, while the CAC 40 in Paris and the DAX in Frankfurt were both down 0.3 percent, to 4,503.69 and 9,919.74, respectively.
Retail and luxury stocks were mostly down, with the day’s biggest declines coming from Aeffe, off 2.1 percent to 1.16 euros; Brunello Cucinelli, 2.1 percent to 18.40 euros; French Connection Group, 1.5 percent to 68 pence, and Safilo Group, 2.4 percent to 16.67 euros.
Debenhams managed to buck the trend and advanced 1.3 percent to 77 pence.
The euro traded at $1.36 against the U.S. dollar, while the pound fetched $1.67 and the Swiss franc equaled $1.11.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)