Retail shares climbed back from session lows on Friday, but still finished the week with a double-digit dropoff.
The Standard & Poor’s Retail Index closed out the week at 247.04, 11.1 percent below last Friday’s level and 3.7 percent under Thursday’s 256.53 finish. It’s also 47 percent below the 52-week high of 466.38 hit last Oct. 29.
In the first half hour of trading Friday, the index hit a new 52-week low of 241.36 before rallying modestly in the late morning.
The decline in retail stocks for the week by far outstripped declines for the period in the Dow Jones Industrial Average (5.3 percent) and the S&P 500 (6.8 percent). However, they were modest in comparison to selloffs in Asia, where the Nikkei 225 was off 12 percent for the week after a 9.6 percent drop on Friday. Hong Kong’s Hang Seng Index plummeted 13.3 percent during the week after Friday’s 8.3 percent swoon.
In Europe, London’s FTSE 100 dropped 5 percent on Friday, putting its decline for the week at 4.4 percent. The CAC 40 in Paris fell 3.5 percent to put its slide for the week at 4.1 percent.
Among the largest declines for the week were Dillard’s 51.8 percent contraction and, following Friday’s downward revision of guidance and word that Moody’s Investors Services was reviewing it for a possible downgrade, Liz Claiborne’s 33 percent erosion.
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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
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24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
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