U.S. retailers’ shares tumbled as investors appeared more wrapped up in anxiety over China and Ukraine than in improving results for domestic retail sales.
The S&P 500 Retailing Industry Group logged its fourth consecutive day of declines — and by far the largest in the last week — with a 1.3 percent fall to 919.80. That fell in between the 1.2 percent drop in the S&P 500, to 1,846.34, and the 1.4 percent decline in the Dow Jones Industrial Average, to 16,108.89.
The day began on a hopeful note with retail sales for February rising 0.3 percent, more than anticipated. Apparel and accessories stores sales rose 0.4 percent and department stores gained 0.7 percent, despite a 0.3 percent decline from general merchandise retailers, the classification in which department stores are included.
Among the stocks weathering declines, PVH Corp. was down 5.7 percent to $115.04 while Stein Mart Inc., after reporting fourth-quarter profits that fell less than expected, saw shares drop 4.2 percent to $13.69. More than 40 of the fashion, retail and beauty issues tracked by WWD declined 1 percent or more.
Among just 13 of the stocks in WWD’s sample to advance for the day, Christopher & Banks Corp. registered the biggest increase, rising 8.3 percent to $6.69 after the retailer reported a smaller-than-expected fourth-quarter loss and said it anticipated improved first-quarter gross margins despite “relatively flat” same-store sales.
Inter Parfums Inc. racked up a 2.6 percent increase, to $33.85, after selling off on Wednesday following disclosure of a fourth-quarter loss.
Disappointing economic data from China and the tense situation in Ukraine affected European exchanges as well, with the impact hitting the DAX hardest. The German market fell 1.9 percent to 9,017.79 while the CAC 40 in Paris was off 1.3 percent to 4,250.51. The FTSE 100 in London was down 1 percent to 6,553.78 while the FTSE MIB in Milan suffered least, dipping 0.9 percent to 20,591.82.
Among a handful of retail and luxury stocks to gain were Mulberry Group, up 1.5 percent to 6.61 pounds; Gemfields, 1 percent to 37 pence, and Ted Baker, 0.7 percent to 21.77 pounds.
Shares of Hugo Boss fell 5.1 percent to 90 euros after it reported slower growth in 2013. Marks & Spencer Group was off 3.1 percent to 4.59 pounds; Safilo Group down 5.4 percent to 14.62 euros, and Koovs 6.3 percent lower at 2.10 pounds.
The euro traded at $1.39 against the U.S. dollar while the pound fetched $1.66 and the Swiss franc translated to $1.14.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.