NEW YORK — The WWD Composite Stock Index fell to its lowest level in 2004, plunging 5 percent to 1,013.12 from 1,066.39 a week ago, as ominous economic reports and terrorist threats pushed the three major indices to new lows for the...
NEW YORK — The WWD Composite Stock Index fell to its lowest level in 2004, plunging 5 percent to 1,013.12 from 1,066.39 a week ago, as ominous economic reports and terrorist threats pushed the three major indices to new lows for the year.
For the week, the S&P 500 retreated 3.4 percent to 1,063.97, the Dow Jones Industrial Average fell 3.2 percent to 9,815.33 and the Nasdaq dropped 5.9 percent to close at 1,776.89.
The sell-off was fueled by a series of economic reports: Consumer spending declined 0.7 percent in June; oil prices eclipsed 21-year highs by flirting with $45 a barrel, and on Friday the Labor Department said the economy added just 32,000 jobs in July, the lowest number since December. Analysts had forecast an average of 231,000 new jobs.
Adding to those woes, overall July same-store sales gains were lackluster, rising just 2.6 percent for shops open at least a year, as stalwarts such as Gap Inc., May Department Stores Co. and Ross Stores Inc. reported declines.
Those numbers made Polo Ralph Lauren Corp.’s stock stand out in sharp contrast. Its shares advanced 3.1 percent to $33.99 from $32.96 a week ago, after the company said first-quarter profits shot up 165.1 percent on a 24.1 percent sales gain. Chief executive officer Ralph Lauren credited the boost to outstanding results from the company’s retail stores and a “phenomenal response” to its luxury designs.
Investors were not enamored with Coach Inc., however. Although the company also delivered first-class results, with profits more than doubling on a 46.1 percent jump in sales, Coach’s stock tumbled 12.4 percent to $37.50 from $42.79. Investors pulled back over concerns of a possible drop in consumer spending in Japan.
Investors also sold off Tommy Hilfiger Corp.’s shares, sending them down 4.3 percent to $13.40 from $14 last week, after the company swung to a first-quarter loss compared with a year-ago profit. Results were dragged down partly by a 20.3 percent decline in wholesale business.
Meanwhile, Warnaco Group Inc.’s purchase of the Ocean Pacific swim and surf brand and a return to profitability in the second quarter did not prevent investors from paring their holdings. The company’s stock fell 4.8 percent to $18 from $18.90 a week ago.— Dan Burrows
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye