Shares of Macy’s Inc. fell 1.8 percent to $38.30, following the general downward trading pattern Wednesday on the Big Board, even though the retailer said earlier in the day that comparable-store sales in May rose 4.2 percent.
The majority of retailers will report comparable-store sales results today for the four weeks ended May 26.
Macy’s said total sales for May rose 4.1 percent to $2.02 billion from $1.94 billion in the comparable year-ago period.
Also on Wednesday, apparel and accessories retailer Tilly’s Inc. saw its shares fall 8.5 percent to $15.68 in over-the-counter trading. The specialty teen retailer said in its first quarterly earnings report since going public on May 3 that first-quarter net income for the period ended April 28 rose 21.7 percent to $5.9 million, or 29 cents a diluted share, from $4.9 million, or 24 cents, a year ago. Net sales rose 16.1 percent to $96.5 million from $83.1 million. Comps, which include e-commerce sales, rose 4.3 percent.
The global equity markets began their declines overseas in Asia, giving up some of Tuesday’s gains as hopes for stimulus spending in China faded. Then came the fears in Europe over the weakness of Spanish banks.
In Asia, the Nikkei 225 fell 0.3 percent to 8,633.19, while the Hang Seng Index was down 1.9 percent to 18,690.22.
Europe’s major indices took a hit as investors took flight and sent stocks spiraling downward.
Earlier this week, 10-year Spanish government bond yields rose to 6.55 percent and the cost of insuring against a Spanish default also hit a new high. Seven percent is the danger threshold at which countries such as Ireland have asked for international help. Investors are also worried that Spain’s banking problems will raise borrowing costs to dangerous levels. In addition, the auction in Italy of five- and 10-year securities was met with weak demand.
Meanwhile, a new poll in Greece suggests that pro- and antiausterity parties have equal support in Greece in the run-up to a second round of elections on June 17.
The CAC 40 in Paris fell 2.2 percent to 3,015.58, followed by the DAX in Frankfurt and the FTSE MIB in Milan, which were both down 1.8 percent to 6,280.80 and to 12,872.58 respectively. The FTSE 100 fared slightly better, falling 1.7 percent to 5,297.28.
In the U.S., investors flew to safe-haven investments, sending the U.S. Treasury benchmark on 10-year yields to 1.62 percent.
The Dow Jones Industrial Average ended Wednesday’s trading session down 1.3 percent to 12,419.86, while the S&P Retail Index gave up 1.6 percent to 603.66.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast