Retail shares were unable to follow the lead of the Dow Jones Industrial Average’s late rally Friday and wound up off 6.2 percent for the week.
The S&P Retail Index logged its fourth negative session in five trading days, declining 4.07 points, or 1.8 percent, to 228.82. While still above the index’s 52-week, and all-time, low of 207.49, reached last Nov. 21, the reading is 9.1 percent below last Friday's, 12 percent below where it was at the end of January and 18.1 percent below its 2008 endpoint.
Retail stocks during the week felt the weight not only of general economic turmoil and uncertainty about how to best arrest the damage to banks and other financial institutions, but also anemic February sales results, reported Thursday, and an assortment of fourth-quarter declines and losses from companies including Liz Claiborne Inc., Chico’s FAS Inc. and Urban Outfitters Inc.
On Friday, AnnTaylor Stores Corp. saw its shares evaporate 38.5 percent, to close at $3.41 after it reported a fourth-quarter loss well in excess of consensus estimates.
The Dow and the S&P 500 were able to reverse late-day slumps and, despite Friday’s report of continuing job losses, finished ahead of Thursday’s closing levels.
However, there was little comfort in the upticks. The Dow struggled to retake the 6,600 level, finishing 27 points above it, up 0.5 percent, but was down 6.2 percent during a week when it surrendered the 7,000 benchmark. The S&P 500 just made it back to positive territory with a 0.1 percent advance to 683.38, 7 percent below its close of 735.09 the previous Friday.
The Nasdaq Composite closed at 1,293.85, down 0.4 percent for the day and 6.1 percent for the week.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
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For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
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@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty