Continuing doubts about recent retail sales trends and first-quarter earnings that will arrive later this month pressured retail stocks down for the third straight day.
The S&P 500 Retailing Industry Group fell 5.85 points, or 0.7 percent, to 837.25, compounding losses in Tuesday’s 2.3 percent slide.
The Dow Jones Industrial Average and S&P 500 returned to positive territory after declines on Tuesday, however. The Dow moved ahead 0.7 percent to 16,518.54 while the S&P 500 gained 0.6 percent to end the day at 1,878.21. The Nasdaq retreated 0.3 percent to 4,067.67 on a day that saw small-cap stocks pull back.
Leading those with gains in the retail sector was J.C. Penney Co. Inc., up 7.8 percent to $8.72, followed by Sears Holdings Corp., which advanced 2.9 percent to $41.74 on the day after an annual meeting in which Edward Lampert, chairman and chief executive officer, discussed efforts to transform the company, including cutting back on the size of apparel assortments at Sears stores.
Among retail, fashion and beauty issues tracked by WWD, International Flavors & Fragrances Inc. was the only other stock to advance as much as 2 percent, gaining exactly that percentage to close at exactly $100.
Shares of Cache Inc. were off 9.7 percent to $2.32, the largest decline in the WWD sample, followed by The Wet Seal Inc.’s 6.4 percent sell-off, to $1.03, and Delia’s Inc.’s 5.6 percent tumble to 85 cents.
The principal markets in Europe diverged, with Frankfurt’s DAX up 0.6 percent to 9,521.30 and Paris’s CAC 40 ahead 0.4 percent to 4.446.44.
The FTSE 100 in London was down a fraction to 6,796.44 while Milan’s FTSE MIB dropped 1.3 percent to 21,240.74.
Retail and luxury stocks were also uneven, with the day’s biggest declines including Asos.com, off 6.5 percent to 38.98 pounds; Yoox Group retreating 6 percent to 23.20 euros; French Connection Group down 3.1 percent to 89 pence, and Boohoo.com down 2.5 percent to 53 pence.
Stocks on the upswing included Metro AG, 2.3 percent to 28.15 euros; Gemfields, 1.3 percent to 40 pence, and Carrefour SA, 1.2 percent to 26.50 euros
The euro traded at $1.39 against the U.S. dollar while the pound fetched $1.69 and the Swiss franc equaled $1.14.
@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)