By  on October 24, 2008

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. For full coverage, see Monday’s issue of WWD.

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