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.
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye
Did you know: @carlychaikin of "Mr. Robot" has been painting for about a decade? The actress, who plays Darlene on the show, is a self-taught artist who lists Salvador Dalí and Chuck Close as some of her idols. Chaikin told WWD that painting is a form of meditation for her — A much-needed one given the intensity of "Mr. Robot." See a piece Chaikin is working on at WWD.com (📷: @jilliansollazzo) #wwdeye