Even a $2.3 billion quarterly loss at Fannie Mae couldn’t hold off the charge of the bulls on Wall Street on Friday.
With crude oil falling to $115 a barrel, the stock market shrugged offThursday’s losses and the Dow Jones Industrial Average mushroomed more than302 points, or 2.7 percent, to 11,734.32. And after enduring a 2.1 percentdrop on Thursday, as retail sales came on at disappointing levels with signs of more trouble to come, the Standard & Poor’s Retail Index climbed 6.2 percent to 381.92.
The wide disparity between the euro and the dollar narrowed sharply on Friday as well, with the euro finishing the week at $1.50, down from nearly $1.56 at the start of the week.
While the movement of retail shares was nearly universally upward, Eddie Bauer Holdings led the pack of advancers with a 25.2 percent gain for the day, to $6.50, following a strong second-quarter earnings report on Thursday evening. Other specialty stores exceeding the S&P Retail performance included Mothers Work (up 9.8 percent), Hot Topic (up 9.2 percent), Urban Outfitters (up 8.7 percent), Dress Barn and Limited Brands (both up 8.4 percent), Wet Seal (up 8.3 percent), Charlotte Russe (up 7.2 percent), Gap (up 6.9 percent), AnnTaylor Stores and The Children’s Place (both up 6.5 percent) and Buckle (up 6.2 percent).
Macy’s isn’t among the stores that report monthly sales, but it shared in Friday’s surge as well, advancing 9.6 percent to $20.73. Shares have now risen 44.7 percent since hitting a 52-week low of $14.33 on July 11 amid concerns about the department store firm’s liquidity and ability to compete. Speculation about the company’s condition was answered by Macy’s chief executive officer Terry Lundgren in a letter to company executives later made public, and by analysts asserting its fiscal health.
Coming off a comparable-store sales gain in July, unusual among the department stores report, Dillard’s shares enjoyed an 8.6 percent increase to $10.85. Penney’s and Kohl’s comps were down 6.5 and 10.4 percent, respectively, but their shares fared better on the week’s final trading day, rising 6.6 and 6.2 percent. Stein Mart shares picked up 10 percent on the day, landing them at $4.96.
Coach picked up 9.1 percent during the session, ending at $29.89; Tiffany advanced 6.7 percent, to $41.23, and Guess added 7.5 percent to $35.83.
Among vendors, strong advances came from Kenneth Cole Productions (9.3 percent), Movado Group (9.2 percent), Liz Claiborne (8.2 percent), Timberland (7.5 percent), Jones Apparel Group (7.4 percent) and Warnaco Group (7.2 percent).
Among those logging strong performances on European exchanges were Luxottica Group, up 9.8 percent, and Bulgari, up 6.2 percent.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion