Retail shares rose 1.4 percent Monday — only the second increase for the sector during the last 10 trading sessions — as investors turned their attention toward September same-store sales reports due out Thursday.
The S&P Retail Index rose 4.95 points to 372.34. Retail shares slid 1.3 percent last week as the U.S. unemployment rate hit 9.8 percent, lender CIT Group Inc. flirted with bankruptcy a second time and investors reconsidered their positions because of continuing consumer weakness.
The Dow Jones Industrial Average increased 1.2 percent, or 112.08 points, to 9,599.75, on Monday.
September same-store sales, expected to benefit from a later Labor Day and comparisons with the onset of the credit crisis a year ago, should give investors vital intelligence about consumers as stores prepare for the fourth quarter and holiday.
Shoppers are likely to hold back on purchases until the job market strengthens, which might not be until the middle of next year or later, according to economists.
The Conference Board said Monday its Employment Trends Index inched up 0.3 percent in August to 88.5. It was the first rise since January 2008.
Gad Levanon, the research group’s senior economist, said the general trend of fewer job losses would hold, even though pink slips actually increased last month. “But the road to recovery is definitely going to be bumpy and may last unusually long, given the depth of the recession we have experienced,” he said.
Broadline retailers were among the strongest gainers, with The Bon-Ton Stores Inc. up 10.1 percent to $7; Nordstrom Inc., 9.5 percent to $31.71; Dillard’s Inc., 7.6 percent to $14.10; Macy’s Inc., 5.2 percent to $18.30, and J.C. Penney Co. Inc., 4.3 percent to $34.37.
Apparel producers on the upswing included Jones Apparel Group Inc., ahead 6.5 percent to $17.76; Oxford Industries Inc., 6.2 percent to $20.07; Perry Ellis International Inc., 6.1 percent to $15.60, and Phillips-Van Heusen Corp., 4.1 percent to $42.32.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia