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.
There'll be no rest for those headed to Europe for men's, as Paris just closed the gap with Milan. According to a provisional calendar released by the Chambre Syndicale, Paris Men's Week will now open a day earlier on January 16. See new highlights on the official lineup on WWD.com. #wwdnews #wwdfashion (📷: @kukukuba)
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The crisp white button down: a staple that can be dressed up or down and accessorized throughout the decades. Here, on a Art Basel-goer in 2017 on the left and on the iconic Audrey Hepburn in “Roman Holiday” in 1953 on the right. #tbt #wwdfashion (📷: Andrew Morales)
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EXCLUSIVE: Huda Kattan just became the first beauty influencer to land a major beauty deal. Kattan's business, @hudabeauty, has received a minority investment from private equity firm TSG Consumer Partners. The brand, which industry sources say is on track to do $200 million in retail sales for 2017, will receive support on product, retail and geographic expansion through the deal. Get all the details on the deal and read @_a_collins' interview with Kattan on WWD.com. Link in bio. (📷: @jgreenery) #wwdbeauty #wwdnews
Peruvian model @juanaburga_official – who is known for walking the runways of @rodarte, @viviennewestwood and @torybuch – is making the move to the big screen with drama “Los Últimos.” The film premiered in Argentina in November and arrives in the U.S. and Europe in 2018. On making the switch from modeling to acting, Burga told WWD: “It’s a completely different thing – a lot of people think it’s similar or try to connect things, especially like getting used to the camera or being looked at all the time or playing these different characrers, but film is a completely different story.” #wwdeye (📷: @jgreenery)
London’s newly opened @designmuseum will look back on the life and work of Azzedine Alaïa in a show that the designer helped to curate before he died of heart failure last month. The retrospective, which Alaïa had worked on with Mark Wilson, chief curator of the @groningermuseum, will look at the impact of his work worldwide. The show, “Azzedine Alaïa: The Couturier,” will run from May 10 to October 7. Read more about the exhibit on WWD.com #wwdnews #wwdfashion (📷: @zefashioninsider)