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.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)