Retail stocks avoided an eighth straight day of declines as the S&P Retailing Industry Group added 0.5 percent.
The positive move still left the retail index down 3.3 percent for the week and off 5.5 percent for the year as cautious guidance from many fashion and retail firms has left investors unsure of the path ahead for these equities.
A late drop in biotech stocks reduced gains on the major indices. The S&P 500 rose 0.5 percent to 1,857.62, leaving it ahead 0.5 percent for the year but down the same percentage for the week, and the Dow Jones Industrial Average ended with a 0.4 percent gain to 16,323.06, up 0.1 percent for the week but down 1.5 percent so far in 2014.
Firms that have recently pleased Wall Street with better-than-expected fourth-quarter results and 2014 guidance were among the winners Friday. Vince Holding Corp. shares picked up 8.1 percent to close at $25.69 and Oxford Industries Inc., in its first session since reporting an earnings “beat” late Thursday, added 3.2 percent to close at $76.28.
While gainers outnumbered losers by about a three-to-one margin among issues monitored by WWD, Birks Group Inc.’s shares declined 7.6 percent to $1.10 while American Apparel Inc. pulled back 4.1 percent to 48 cents. J.C. Penney Co. Inc. shares were down 1.6 percent to $8.83.
Europe’s markets rallied earlier in the day after Chinese premier Li Keqiang said the government would invest in the country’s infrastructure to boost its economy.
The FTSE MIB in Milan led the way, rising 1.5 percent to 21,498.24, followed by the DAX in Frankfurt, up 1.4 percent to 9,587.19. The CAC 40 in Paris was up 0.7 percent to 4,411.26, while the FTSE 100 in London gained 0.4 percent to 6,615.58.
It was a largely positive day for fashion, luxury and retail stocks, though a few issues stumbled.
Boohoo.com fell 8.1 percent to 51 pence, while its fellow online retailer Koovs fell 3.8 percent to 1.78 pounds. Hennes & Mauritz closed down 1.6 percent to 273 Swedish kronor after its first-quarter profits disappointed investors Thursday, while Esprit lost 1.4 percent to 12.90 Hong Kong dollars.
Those that gained ground included Safilo Group, up 3.1 percent to 15.70 euros; Mulberry, up 1.9 percent to 7.17 pounds; French Connection, which climbed 11.1 percent to 65 pence, and Prada, which closed up 2.9 percent to 61.05 Hong Kong dollars.
The pound traded for $1.66 against the U.S. dollar, while the euro went for $1.38, the Hong Kong dollar for 13 cents and the Swedish krona for 15 cents.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews