U.S. retail shares logged their best gains of 2014 while J.C. Penney Co. Inc. was left out in the cold as its stock hit a 52-week low.
The S&P 500 Retailing Industry Group rose 1.6 percent to 890.8, reducing its year-to-date decline to 5.2 percent with only its sixth winning session of 2014. The broader market rose less heatedly as the Dow Jones Industrial Average was up 0.7 percent to 15,848.61 and the S&P 500 added 1.1 percent to hit 1,794.19.
Investors were enthused by the Bureau of Economic Analysis’s report early Thursday that gross domestic product in the U.S. grew at a 3.2 percent pace in the fourth quarter, putting full-year GDP growth at 1.9 percent.
Fashion stocks were led by Under Armour Inc., up 22.9 percent to $104.76 after fourth-quarter sales and profits easily surpassed analysts’ expectations and the Baltimore-based athletic apparel specialist lifted expectations for both the top and bottom lines for 2014.
Hanesbrands Inc., which exceeded quarterly estimates and lifted annual guidance late Wednesday, saw its shares pick up 11.4 percent to rise to $72.49. Shares of both firms hit 52-week highs before dropping back later in the day.
Penney’s shares closed down 52 cents, or 8.3 percent, at $5.77 and hit a 52-week low of $5.69 in the final hour of trading. Their value has declined 36.9 percent since the end of 2013.
European stock markets put on a mixed show Thursday, with the FTSE 100 in London losing ground, and the other three major markets making marginal gains.
The British market was down 0.1 percent to 6,538.45, while the CAC 40 in Paris was up 0.6 percent, and the DAX in Frankfurt advanced 0.4 percent to 9,373.48. The FSTE MIB in Milan climbed 0.4 percent to 19,411.55.
Although retail and luxury stocks were mostly down, Mulberry was up 1.4 percent to 6.63 pounds a day after it plummeted nearly 24 percent following a profit warning. Geox was up 2.5 percent to 2.94 euros.
Among the stocks that lost the most ground were Burberry Group, 2.8 percent to 14.11 pounds; Tod’s, 8.1 percent to 101.20 euros; and Kering, 1.2 percent to 144.85 euros.
The euro traded at $1.37 against the U.S. dollar while the pound fetched $1.66 and the Swiss franc equaled $1.11.
@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)
@badgalriri’s @fentybeauty launch in September was a massive success on social media, powering $72.9 million of earned media value, according to Tribe Dynamics. The brand’s foundation offering sparked conversations about diversity in beauty, launching the growth of emerging influencers and propelling the brand’s support on social media. Today, #fentybeauty won Launch of the Year at the WWD #BeautyIncAwards. (📷: Chema Moya/EPE-EFE)
@marianna_hewitt has become one of the most influential content creators in the beauty space, with almost 800,000 Instagram followers and a newly launched skin care line called @SummerFridays. Today, she was awarded Influencer of the Year at the WWD #BeautyIncAwards. (📸: @sophiachabbott )
As shopping behaviors evolve, the retail experience must follow. Head over to retail experts @colliersinternational’s Knowledge Leader series to read more about the shift in our shopping era. #colliersretail #lovecolliers
@prada opened a pop-up club, called Prada Double Club, in collaboration with German artist Cartsen Höller at @artbasel Miami. Last night, guests – including @youngparis, @ritaora and even Miuccia Prada herself – gathered in a former ice factory where the pop-up is housed for a performance from @wyclefjean. Go to WWD.com for full coverage on all the exhibits, parties and more at #ArtBaselMiami. #wwdeye (📷: @lexieblacklock)
@louboutinworld and @disney are making magic once again, creating a set of shoe designs for the release of “Star Wars: The Last Jedi.” Louboutin designed a pair of shoes for each of the film’s four female leads: Rey (@daisyridrey), Vice Admiral Amilyn Holdo (@lauradern), Captain Phasma (Gwendoline Christie) and Rose Tico (@kellymarietran). The shoes will debut on Saturday at the L.A. premiere of the latest episode. #wwdfashion
Today at the #BeautyIncAwards 2017, WWD will be joined by beauty leaders from around the world as we honor this year's most innovative people, products, brands and places. Follow along here and on Twitter for live coverage from the exclusive event. #wwdsummits (📷: @elizaflorendo)
Exclusive: Beauty superinfluencer @marianna_hewitt is launching her first-ever skin care brand with her business partner @laurengores. Their new line Summer Fridays, which will be sold exclusively at summerfridays.com starting in January, is launching with just one product – a hydrating cream Jet Lag Mask. “We wanted to focus on one product that was amazing,” said Hewitt. Read the full interview on WWD.com. Link in bio. #wwdbeauty #wwdnews
Michelin star-rated chef PJ Calapa marks his first solo endeavor with today’s opening of @scampinyc –– the new Southern Italian restaurant located in Manhattans’ Flatiron District. The upscale yet welcoming environment matches the menu, which includes two types of scampi: traditional Italian langoustines in butter and the Americanized version with shrimp over pasta 🍤 - pictured here. #wwdeye (📷: George Chinsee)