NEW YORK — The WWD Composite Stock Index continued its slide for a sixth straight week, retreating another 1.4 percent to close at 1,048.19 from 1,062.67 a week ago.
The S&P 500 likewise fell for the sixth consecutive week, also declining 1.4 percent to 1,086.2 from 1,101.39. General market apathy and concern that overall earnings growth may be slowing led the Dow Jones Industrial Average to close below 10,000 for the first time since May 24.
As if on cue, Sears, Roebuck & Co. kicked off the retail apparel earnings season last week with an 82.8 percent plunge in income that missed the Wall Street consensus estimate by a whopping 23 cents. The nation’s largest department store chain, which is under pressure from investors to prove it can grow without its lucrative credit card business, saw its shares hit a new 52-week low on Thursday and then finished the week down 2.8 percent to $33.65 from $34.61.
Investors also punished Quiksilver Inc.’s stock, trading it down 5.8 percent to $20.85 from $22.13 a week ago. The sell-off came despite a prediction by president Bernard Mariette that Quiksilver will top $3 billion in sales in the next five to seven years. The company, which is expanding aggressively overseas, and especially in Asia, benefited greatly from a weaker dollar, making those global revenues vulnerable should the dollar start to recover.
Alberto-Culver Co. said strong results from its Sally and Beauty Systems Group businesses drove double-digit bottom- and top-line gains in the third quarter, but its stock was still caught in the outgoing tide. Shares lost 4.2 percent to $47.87 from $49.99 last week.
In a bright spot, investors were certainly temperate, but they did appreciate VF Corp.’s 20.2 percent rise in second-quarter earnings, pushing up the company’s shares 0.7 percent to $48.21 from $47.89 a week ago. Trading was restrained, given that VF projected an 8 percent increase in earnings per share and a 12 to 15 percent rise in sales for the year, and logs a bargain-basement price-to-earnings ratio of 12.61.— Dan Burrows
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
“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