Retail stocks slipped 0.5 percent on Wall Street today as the market posted a modest gain overall.
The S&P Retail Index dipped 3.17 points to 643.80 as the Dow Jones Industrial Average rose 0.1 percent, or 11.54 points, to 13,047.48.
However, The Bon-Ton Stores Inc. broke away from the pack and shot up 24.4 percent to $12.07 after an analyst upgrade. President and chief executive officer Brendan Hoffman was also at a Goldman Sachs investor conference giving an update after seven months at the helm.
“We need to clean up our message,” Hoffman said. “We are going to embrace coupons. I learned at Lord & Taylor that a customer responds to the coupons better than any other promotional deal. It really frames the discount for them, and I think it’s something we kind of were half-using before. We’re very clear now about our use of the coupons and how that’s going to drive our overarching store events and also allow us to have longer stronger events.”
The day’s decliners included Saks Inc., down 3.6 percent to $11.44; Vera Bradley Inc., 2.8 percent to $20.40, and Tumi Holdings Inc., 2.7 percent to $21.66.
Markets were mixed in Europe.
Frankfurt’s DAX gained 0.5 percent to 6,964.60 as Paris’ CAC 40 increased 0.2 percent to 3,405.79. Those gains were offset by declines in Milan’s FTSE MIB, which fell 0.6 percent to 15,128.08, and London’s FTSE 100, down 0.3 percent to 5,657.86.
The gainers included Asos, up 2 percent to 18.31 pounds; Safilo Group, 1.6 percent to 6.53 euros; Burberry Group, 1.2 percent to 13.30 pounds; Marks and Spencer Group, 0.8 percent to 3.55 pounds; PPR, 0.8 percent to 125.70 euros; Hermès International, 0.5 percent to 228.95 euros, and LVMH Moët Hennessy Louis Vuitton, 0.2 percent to 128.05 euros.
The euro traded at $1.26 while the pound went for $1.59.