Retail stocks scored their fourth gain in five days on Friday, putting them up 2 percent for the week and 10.5 percent for the year.
The S&P Retail Index advanced 0.6 percent Friday to 454.19, catapulting the index to its seventh consecutive week of improvement. A 0.1 percent increase in the Dow Jones Industrial Average Friday put it at 10,850.36, up 1 percent for the week and 4.1 percent on a year-to-date basis.
Among the 172 fashion, beauty and retail issues tracked by WWD, 121 were up, 44 were down and seven were flat.
The most significant decliners last week included American Apparel Inc., which reported a 21.5 percent drop in fourth-quarter net income and did not provide 2010 guidance after the close of the markets Thursday. Shares of the Los Angeles-based company fell 17.5 percent Friday to $3.17, erasing gains earlier in the week and leaving them down 8.1 percent for the period.
However, G-III Apparel Group Ltd. and Lululemon Athletica Inc. both blew past analysts’ estimates with improved fourth-quarter results reported on Thursday. They were two of the week’s biggest gainers, rising 32.6 percent to $28.04 and 21.1 percent to $40.57, respectively.
Saks Inc. rose 6.8 percent for the week to $8.86.
The S&P 500 was up 0.1 percent on Friday to 1,166.59, giving it a 0.6 percent pickup for the week and a 4.6 percent gain year-to-date. The Nasdaq Composite lost 0.1 percent on Friday but still finished the week up 0.9 percent, lifting its 2010 appreciation to 5.6 percent. Although European markets slumped Friday, the FTSE 100 in London advanced 0.9 percent for the week, while the CAC 40 in Paris added 1.6 percent. In Asia, the Nikkei 225 was up 1.6 percent for the week, and the Hang Seng Index and SSE Composite Index dropped 1.5 percent and 0.3 percent, respectively.
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