U.S. retail stocks broke a two-day losing streak today as Wall Street hunkered down in anticipation of the Federal Reserve Open Market Committee meeting next week.
The S&P 500 Retailing Industry Group gained 0.2 percent to close the week at 914.40. The Dow Jones Industrial Average added 0.1 percent to end at 15,755.36 and S&P 500 was down a fraction to 1,775.32.
Investors and economists are waiting for word on whether positive signs in the economy will lead the Fed to end or “taper” its bond-buying program, one of the few sources of public-sector stimulus.
Shares of Quiksilver Inc. scored the biggest gain among fashion, beauty and retail stocks tracked by WWD. They rose 7.1 percent to $8.28 after falling back 2.7 percent in after-hours trading Thursday on an unexpected first-quarter loss. An upgrade to “buy” from “neutral” by B. Riley, citing progress in the company’s plans to rebuild profitability and focus on core brands, lifted investor confidence.
Two California-based, youth-oriented specialty chains — Pacific Sunwear of California Inc. and The Wet Seal Inc. — were also among the day’s biggest winners, rising 3.5 percent to $3.25 and 2.9 percednt to $2.47, respectively.
The days deepest decline came from Coldwater Creek Inc. Although the third-quarter loss reported late Thursday was smaller than the one expected by analysts, plans to close up to 10 additional stores out of its current fleet of 379 gave investors pause, and shares pulled back 5.9 percent to 80 cents.
American Apparel Inc. saw its shares erode 3.7 percent to $1.05 while Sears Holdings Corp.’s shares were off 2.7 percent to $45.36.
Europe’s major indices ended the week with narrow losses.
London’s FTSE 100 crept down 0.1 percent to 6,440.56, while the DAX in Frankfurt was also down 0.1 percent, to 9,010.41. The CAC 40 in Paris lost 0.2 percent to 4,059.71 and the FTSE MIB in Milan was unchanged at 17,805.73.
The gainers included Luxottica Group, up 2.8 percent to 36.95 euros; Compagnie Financière Richemont, 1.1 percent to 85.95 Swiss francs, and Brunello Cucinelli, 2.6 percent to 25.24 euros.
Declines came from Metro, down 1.2 percent to 34.57 euros; Tod’s, 0.6 percent to 120 euros, and Carrefour, 0.6 percent to 27.13 euros.
The euro traded for $1.38 against the U.S. dollar, while the pound traded for $1.64 and the Swiss franc for $1.13.
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)
Discovery is collaborating with British pop artist @philipcolbert on a new line of clothing and accessories called Discovery Shark. The collection, which will launch next summer for Shark Week’s 30th anniversary, features a whimsical line of women’s and men’s bomber jackets, sweatshirts, bags and more. #wwdfashion
“I’m always a big champion of a female rapper, and I’m glad to see a new voice that feels unique and authentic that’s coming up, and I think we’re going to see more great things from her,” said @itsjeremyscott about @iamcardib, who performed at @moschino’s Art Basel Miami Beach party last night. #wwdeye (📷: @lexieblacklock)
@janellemonae’s “What’s Your Frequency?” room in @refinery29's #29Rooms made its debut this week at the opening of the Los Angeles art exhibit. “It’s about the ongoing conversation around mass surveillance, the weaponization of technology and cultural uniformity. My space was created so that we can come together and talk about the complexities of our humanity,” said Monáe. #wwdeye (📷: @bucknerphoto)
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)