Retail stocks trended downward, with Target Corp. weathering among the sharpest declines as Gregg Steinhafel’s tenure as chairman, president and chief executive officer came to a close early Monday.
With anxiety about corporate earnings in the U.S., the manufacturing sector in China and escalating tensions, the S&P 500 Retailing Industry Group slipped 0.4 percent to 862.48, ending a four-session winning streak.
The major indices did better, with the Dow Jones Industrial Average up 0.1 percent to 16,530.55 and the S&P 500 ahead 0.2 percent to 1,884.66.
Following the news of Steinhafel’s dismissal prior to the opening bell, Target’s shares slipped in early trading and didn’t rebound, ending the day at $59.87, down $2.14 or 3.5 percent. They have slowly recovered from the damage done by disclosures of a massive data breach since hitting a 52-week low of $54.66 in midday trading on Feb. 4.
Shares of The Bon-Ton Stores also were off 3.5 percent, to $11.19, while Sears Holdings Corp. saw its stock give back 3.1 percent to close at $42.67.
Teen retailer Zumiez Inc. led the leaders among the sample of fashion, retail and beauty stocks monitored by WWD, rising 4.1 percent to $25.66 after being upgraded to “overweight” from “neutral” by Piper Jaffray, which raised its price target on the stock to $30 from $27. Zumiez will be among a handful of retailers reporting comparable sales results for April this Thursday.
Shares of Quiksilver Inc. rose 2.1 percent to $6.78 while Destination Maternity Corp. and Joe’s Jeans Inc. both rose 1.9 percent on the day, to $25.29 and $1.05, respectively.
With markets in London closed, the CAC 40 in Paris was the only one of the major indices to post a gain, rising 0.1 percent to 4,462.69. The FTSE MIB in Milan lost 0.6 percent to 21,639.96 and Frankfurt’s DAX shed 0.3 percent to end the day at 9,529.50.
Issues on the rise included French Connection, 10 percent to 88 pence, and Mulberry Group, 0.7 percent to 7.30 pounds. Aeffe gained 12.5 percent to 1.30 euros amid ongoing reports that it might be a target for private equity funds.
Equities in decline included Gemfields, down 5 percent to 38 pence; Luxottica, off 1 percent to 50.51 euros, and Compagnie Financière Richemont, which surrendered 0.6 percent to 87.45 Swiss francs.
The euro traded for $1.38 against the U.S. dollar while the Swiss franc changed hands at $1.13.
For its next men’s wear collection, @roberto_cavalli will show as a special guest at #PittiUomo, running from June 12-15. The brand, which has Florence in its roots, will relaunch its men’s wear collection, which will be presented separately from women’s wear for the first time since Paul Surridge was appointed creative director in May. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
“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.