The stock market closed well before polling stations Tuesday, but investors, cheered by the prospect of soon knowing who the next president would be, pushed retail shares up 3.6 percent.
The Standard & Poor’s Retail Index advanced 10.53 points to 300.25, outperforming the Dow Jones Industrial Average, which rose 3.3 percent, or 305.45 points, to 9,625.28.
Despite all the bluster on the campaign trail and the Election Day stock market bump, there’s little sense the preliminary anointing of a new president will have any immediate impact on consumer spending.
“Consumer fundamentals are so bad right now,” said Scott Hoyt, director of consumer economics at Moody’s Economy.com. “You’ve still got declining wealth. You’ve still got big job losses in the pipeline. You’ve still got a significant problem getting cash to spend even if you want to. Even if you get a little better sentiment, I’m not sure that shows in cash registers.”
Columbia Sportswear Inc.’s shares were up 73 cents, or 2 percent, to $36.88 before the company said after market that it would cut its workforce by about 75, representing about 4 percent of its 1,800 U.S. employees. Tim Boyle, president and chief executive officer, said the firm has seen an 11 percent decline in spring orders and Columbia expects U.S. market conditions to remain challenging through next year.
Even with stock gains on Tuesday, retail shares have a lot of ground to make up, having fallen 32.6 percent from their 52-week high, reached in December.
Broadline retail stocks on the way up on Tuesday included Target Corp., rising 5.2 percent to $41.35; Kohl’s Corp., 4.9 percent to $35.06; Sears Holdings Corp., 4.3 percent to $57.05; Nordstrom Inc., 3.3 percent to $16.92, and J.C. Penney Co. Inc., 2.7 percent to $23.18.
The specialty store sector, however, was rife with declines, led by Coldwater Creek Inc.’s 24.1 percent drop to $2.59 following the preannouncement of an unexpected third-quarter loss and the withdrawal of fourth-quarter guidance. Other decliners included The Talbots Inc., down 10.3 percent to $8.26; Charlotte Russe Holding Inc., 8.1 percent to $8.31; Dress Barn Inc., 5.1 percent to $8.85; Bebe Stores Inc., 4.2 percent to $7.97, and American Eagle Outfitters Inc., 3.1 percent to $10.57.
Vendors had a mixed showing for the day, with Kenneth Cole Productions Inc. off 9.5 percent to $11.25 before reporting a third-quarter loss; Jones Apparel Group Inc., down 3.5 percent to $10.53, and Liz Claiborne Inc. off 1.3 percent to $7.43.
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