With March comparable-store sales dreary, but better than expected, investor enthusiasm for retail shares continued to blossom.
However, the shout-out to retail wasn’t universal. Marsico Capital Management, which had been Saks Inc.’s second largest shareholder, reported in a filing with the Securities and Exchange Commission that it had relinquished almost all its holdings in the luxury retailer.
The S&P Retail Index rose 14.41 points, or 4.6 percent, to 328.79, marking a total rise of 4.7 percent for the trading week, which will be cut short by one day because of Good Friday. This marked the fifth consecutive week that the S&P Retail Index had registered an advance. Retail shares gained 4.5 percent on Wednesday after a decline on Tuesday.
Stock spikes in the face of comp declines, like Saks’ 28.8 percent gain to $2.82, were fairly commonplace. Nordstrom Inc.’s stock rose 17.4 percent to $21.91 despite a 13.5 percent comp decline, and shares of Macy’s Inc. increased 15.1 percent to $11.88 despite a 9.2 percent comp decline.
Among the specialty stores, shares of Abercrombie & Fitch Co. dipped 3.5 percent to $24.76 after comps fell 34 percent. Wal-Mart Stores Inc.’s stock also dropped 3.7 percent to $50.66 after the discount and club giant posted a lower-than-expected 1.4 percent comp gain.
But most retail stocks were on the upswing, including Zale Corp., ahead 19.4 percent to $4.19, and Aéropostale Inc., rising 12.3 percent to $30.22. Aéropostale’s comps rose 3 percent; Zale does not report.
In its report to the SEC, Denver-based Marsico reported that it owns just 609 shares of Saks, down from 20.2 million shares, or 14.3 percent of those outstanding, as of Dec. 31. The dates of sale weren’t included in the filing, but 13.8 million Saks shares were sold for $1.50 each on March 10 and only Marsico and Mexican billionaire Carlos Slim Helú had large enough holdings to execute such a trade. The $1.50 marked a 52-week low versus a corresponding high of $14.58, reached May 16.
As of Feb. 20, Slim Helú held 25.6 million Saks shares, about 18.6 percent of those outstanding.
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye
Did you know: @carlychaikin of "Mr. Robot" has been painting for about a decade? The actress, who plays Darlene on the show, is a self-taught artist who lists Salvador Dalí and Chuck Close as some of her idols. Chaikin told WWD that painting is a form of meditation for her — A much-needed one given the intensity of "Mr. Robot." See a piece Chaikin is working on at WWD.com (📷: @jilliansollazzo) #wwdeye