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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty