CHANGING GEARS: Analysts and economists, who generally took June’s weak results as a sign of disappointments to come, had to readjust their metric antennae once again Thursday as comparable-store sales for both July and the second quarter raced past anticipated levels. Excluding drug stores, Thomson Reuters’ SSS Index finished July ahead 4.6 percent, its highest level since a 6.9 percent leap in March, a month that benefited from Easter’s timing, and the beat-to-miss ratio came in at better than three-to-one. Gap Inc.’s 10 percent stride provided not only the largest single upside surprise, coming against a 3.8 percent estimate, but was the retailer’s first double-digit finish — at least on the positive side — since March 2010. RELATED STORY: July Sales Show Surprising Strength >>
GROUNDED TEENS: Following a large reduction in guidance by Abercrombie & Fitch Co. on Wednesday, rival teen retailer — and fellow former monthly reporter — Aéropostale Inc. saw its shares wither $6.37, or a hefty 32.8 percent, to $13.08 after it reduced second-quarter earnings guidance to break-even on a per-share basis, from its earlier range of a profit of 3 to 5 cents. Comparable sales — same-store sales including e-commerce results — were essentially flat as chief executive officer Thomas Johnson noted “weaker than anticipated” store traffic despite “a more cohesive fashion offering.”
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"