Retail shares slipped 0.7 percent Wednesday, the sector’s third decline in as many days, but a fresh reading on the consumer from Deloitte Research showed shoppers’ economic fundamentals are strengthening.
The S&P Retail Index fell 2.89 points to 401.19 as the Dow Jones Industrial Average, down for most of the day, inched up 0.5 percent, or 51.08 points, to 10,377.05.
Internationally, the Nikkei 225 fell 1.3 percent in Tokyo after new government data showed the nation’s gross domestic product grew by 0.3 percent in the July-to-September quarter, much slower than the 1.2 percent previously projected.
The Hang Seng Index slid 1.4 percent in Hong Kong as the CAC 40 declined 0.7 percent in Paris and the FTSE 100 dipped 0.4 percent in London.
Among the top stock decliners on the U.S. retail scene was The Men’s Wearhouse Inc., which fell 7.2 percent to $20.26 after the firm projected a fourth-quarter loss and sales decline.
Shares of Movado Group Inc. dropped 12.9 percent to $9.45 after the company reported a $20.9 million first-quarter loss.
Despite continued weakness at retail, the Deloitte Consumer Spending Index rose last month, indicating consumers’ cash flow is improving and spending could pick up down the line.
The index — which tracks tax burden, initial unemployment claims, real wages and real home prices — rose to 4.6 percent from 4.3 percent a month earlier.
“Real earnings remain on the rise due to falling prices, while the housing market continues to show signs of stabilizing,” said Carl Steidtmann, chief economist at Deloitte Research. “A decline in initial unemployment claims has historically been a reliable signal of economic recovery, and in recent months, initial claims have continued downward. These factors may give retailers and suppliers reason for optimism going forward.”
Deloitte said the average tax burden is at its lowest level in more than 40 years due to the federal stimulus program approved in February.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)