Investors gave stocks a chilly reception on the first trading day of 2014, sending retail shares and the broader market to declines.
The S&P 500 Retailing Industry Group surrendered 0.4 percent to end the day at 936.12. The drop-off was smaller than the 0.8 percent decrease registered by the Dow Jones Industrial Average and the 0.9 percent fall for the S&P 500, which landed at 16,441.35 and 1,831.98, respectively.
Shares of Martha Stewart Living Omnimedia Inc. advanced 8.8 percent to $4.57 after the company and Macy’s Inc. said they’d settled Macy’s suit against Stewart’s company for breach of contract. Macy’s shares fell 1 cent to $53.39. Macy’s suit against J.C. Penney Co. Inc. is ongoing. Penney’s shares were down 3 percent to $8.88.
Shares of Urban Outfitters Inc. and American Eagle Outfitters Inc. rose 1.8 percent and 2.3 percent, respectively, to $37.78 and $14.73 following upgrades to “buy” from “hold” by Jefferies analyst Randal Konik. Abercrombie & Fitch Co. and Aéropostale Inc., however, headed in the opposite direction after the analyst downgraded the stocks to “hold” from “buy.” Abercrombie was down 2.7 percent to $32.01 and Aéropostale was off 0.1 percent to $9.08.
Among the fashion, retail and beauty issues tracked by WWD, jeweler Birks Group Inc. enjoyed the strongest gain, bounding 9.9 percent to $1.67, while Sears Holdings Corp. weathered strongest decline, losing 4 percent to $47.08.
Europe’s markets all ended the day down, with Frankfurt’s DAX falling most, losing 1.6 percent to 9,400.04. The CAC 40 in Paris slipped 1.6 percent to 4,227.28, the FTSE 100 in London fell 0.5 percent to 6,717.91 and the FTSE MIB in Milan closed down 0.2 percent to 18,929.63.
Shares of a number of British retailers gained in value after privately held retailers John Lewis and department store chain House of Fraser both posted positive holiday trading figures.
John Lewis said its same-store sales rose 6.9 percent in the five weeks to Dec. 28, while House of Fraser said its same-store sales rose 7.3 percent in the three weeks to December 28, with its cash gross margins up 11.9 percent.
Shares of Next gained 1.5 percent to 55.30 pounds; Asos.com shot up 6 percent to 64.88 pounds and Debenhams rose 3 percent to 0.76 pounds.
But a number of stocks in the sector suffered losses. Hugo Boss was down 0.8 percent to 102.80 euros while Marks & Spencer fell 1.2 percent to 4.27 pounds; Mulberry dipped 1.4 percent to 9.41 pounds and Tod’s was down 1.7 percent to 119.40 euros.
The euro traded for $1.38 against the U.S. while the pound traded for $1.66.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)