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
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
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye
Did you know: @carlychaikin of "Mr. Robot" has been painting for about a decade? The actress, who plays Darlene on the show, is a self-taught artist who lists Salvador Dalí and Chuck Close as some of her idols. Chaikin told WWD that painting is a form of meditation for her — A much-needed one given the intensity of "Mr. Robot." See a piece Chaikin is working on at WWD.com (📷: @jilliansollazzo) #wwdeye