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.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)