WWD.com/business-news/financial/europes-stocks-edge-down-6757880/
government-trade
government-trade

Retail Takes Step Back with Market

Sector dips 0.1 on Wall Street.

Both retail stocks and the broader market took a minor step back today.

The S&P 500 Retailing Industry Group declined 0.1 percent, or 0.43 points, to 706.83, as the Dow Jones Industrial Average also fell 0.1 percent, or 9.52 points, to 13,973.39.

The day’s decliners included The Jones Group Inc., down 1.9 percent to $11.86; Maidenform Brands Inc., 1.8 percent to $19.68; Tumi Holdings Inc., 1.6 percent to $21.99, and Gap Inc., 1.5 percent to $31.36.

Tandy Brands Accessories Inc. logged the most dramatic swing in the fashion sector, falling 31.1 percent to $1.04 on the Nasdaq in regular trading only to rebound 44.2 percent to $1.50 in afterhours trading.

Tandy said in a regulatory filing that unusual weakness in its gift business caused it to break the fixed charge coverage ratio covenant in its credit facility. “Management of the company has had to devote a considerable amount of time and effort to dealing with the issues that could result from this violation and management is currently in negotiations with its senior lender to address this violation,” Tandy said. The company delayed its quarterly update to the Securities and Exchange Commission.

Markets were also in retreat in Europe.

Frankfurt’s DAX fell 1.1 percent to 7,631.19, as Milan’s FTSE MIB decreased 1 percent to 16,544.95, Paris’ CAC 40 fell 0.8 percent to 3,669.60 and London’s FTSE 100 dipped 0.5 percent to 6,327.36.

Among the luxe stocks losing ground were LVMH Moët Hennessy Louis Vuitton, down 1.2 percent to 131.95 euros; Burberry Group, 0.5 percent to 13.66 pounds; PPR, 0.4 percent to 159.80 euros, and Tod’s, 0.4 percent to 100.40 euros.

The euro traded at $1.33 against the dollar while the pound went for $1.55.