Shares of retailers took a beating on Friday, after consumer confidence fell to an all-time low as reported by research firm RBC, and American Express Co. warned delinquent credit card payments could hurt profits.
The Dow Jones Industrial Average slid more than 300 points before rebounding to close down 1.9 percent to 12,606.30. The broader S&P 500 fell 1.4 percent to 1,401.02, while the S&P Retail Index was mangled, dropping 3.2 percent to close at 366.39.
Talbot's Inc. topped New York Stock Exchange's list of biggest decliners, plummeting 13.3 percent to $6.96 on concerns that its turnaround is poorly timed against current market conditions.
Tiffany & Co. also appeared on the list after reporting disappointing holiday same-store sales and slashing earnings guidance. Shares of the jewelry retailer plunging 11.2 percent to $35.08.
Coming off a stellar comp report on Thursday, teen retailer Aèropostale Inc. saw shares fall 6.2 percent to $24.49, while competitors Hot Topic and Pacific Sunwear of California sank 5.6 and 10.2 percent, respectively — all on worries that consumers will pull back spending.
While Macy's, Sear Holdings Corp., Saks and Nordstrom all saw declines greater than 4 percent, J.C. Penney was a bright spot in the department store sector, ending the day up 0.8 percent to $37.86. Investors viewed J.C. Penney as in a better market position than its competitors.
Etro’s show, titled “The Tree of Life,” was a celebration of the house’s 50th anniversary. “My father founded the company in 1968, which was the year of counterculture and psychedelia. It’s really a show that celebrates that and the paisley design of India and its origin,” said Veronica Etro. #wwdfashion #mfw #ss18 (📷: @delphineachard)
For @msgm’s spring 2018 show, creative director @massimogiorgetti said “Words, sounds, colors. Synthesis and therapy of a collection,” were the inspirations behind the collection, showing today. Read the rest of Milan spring 2018 inspirations on WWD.com. #mfw #wwdfashion #ss18
For her first solo album in over 10 years, Fergie tapped Carine Roitfeld, Mert and Marcus, Giovanni Bianco and more to create a fashion-focused video approach for the record, Double Dutchess. "Giovanni really helped me get back in touch with my tomboy side, my hardside," said the singer. #wwdeye #wwdfashion ( : @slovekinpics)
“Volumes and Graphic Art of the Nineties are the main inspirations of the new Aquilano.Rimondi SS 2018 collection,” said cocreative directors Tommaso Aquilano and Roberto Rimondi. #wwdfashion #mfw #ss18