Retail stocks jumped 2.3 percent on Wall Street today — the sector’s largest gain of the year.The rise came amid a general sense of optimism around the employment market. The Labor Department said first-time jobless claims fell by 20,000 last week to 336,000 and economists project that Friday’s employment report will show that 170,000 jobs were added in January. That helped push Wall Street, and retail stocks, higher.
The S&P 500 Retailing Industry Group increased by 19.63 points to 871.65, although the sector is still down 7.3 percent for the year so far. The Dow Jones Industrial Average shot up 188 points, or 1.2 percent, today to 15,628.53.
Among the day's gainers were J.C. Penney Co. Inc., up 8.4 percent to $5.66; Dillard's Inc., 5.3 percent to $90.29; Ross Stores Inc., 4.6 percent to $69.31; Abercrombie & Fitch Co., 4.5 percent to $34.18, and Sears Holdings Corp., 4.3 percent to $35.82.
Kohl’s Corp.’s stock gained 3.5 percent to $51.55 even though the company lowered quarterly profit guidance to about $1.53 a diluted share from an earlier range of $1.59 to $1.74, due in to “unanticipated expenses” incurred for its e-commerce business. The company also said its comparable-store sales fell 2 percent in the fourth quarter.
In adjusting the market’s expectations, Kohl’s cited not only lower traffic, a nearly universal complaint among stores analyzing the latter part of the quarter, but “low levels of clearance merchandise” in its discussion of the sales slip in the quarter.
In Europe, stock markets ended their day much in the way they started it, on the upswing as the region’s central banks decided to leave their low interest rates alone.
The FTSE MIB in Milan advanced 2.3 percent to 19,504.24, followed by the CAC 40 in Paris, up 1.7 percent to 4,188.10, and the FTSE 100 in London, ahead 1.6 percent to 6,558.28. The DAX in Frankfurt rose 1.5 percent to 9,256.58.
The euro traded at $1.35 against the dollar, while the pound fetched $1.63 and the Swiss franc went for $1.11.
The day’s biggest gainers included Safilo Group, up 2.8 percent to 17.16, Ferragamo, 2.9 percent to 22.83 euros; Luxottica Group, 2.6 percent to 39.36 euros; The Swatch Group, 3 percent to 99.05 Swiss francs, and Burberry Group, 2.9 percent to 14.84 pounds.
Among the very few stocks that lost ground were Asos.com, falling 1 percent to 61.90 pounds; and Gemfields, 1.5 percent to 0.34 pounds.
Both the Bank of England and the European Central Bank decided to keep interest rates at historic lows. The Bank of England rate will remain at 0.5 percent, with the ECB rate unchanged at 0.25 percent. The Bank of England also said it would not amend its bond-buying program.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)