Investors pushed retail stocks down 1 percent Wednesday ahead of comparable-store sales reports from U.S. retailers today.
The S&P Retail Index fell 3.54 points to 338.56 as the Dow Jones Industrial Average advanced 1.2 percent, or 101.63 points, to 8,512.28.
With full results from the government’s so-called “stress tests” due out today, investors breathed a sigh of relief as the $34 billion shortfall in Bank of America Corp.’s finances was smaller than expected.
Retail comps are expected to give the strongest indication yet of whether sales lost in March were shifted into April, as the timing of Easter moved into the latter month. As in previous months, they also will show just how important price has become to recession-addled shoppers.
J.P. Morgan analyst Charles Grom said discounters Wal-Mart Stores Inc. and Target Corp. had favorable traffic trends last month, but apparel and accessories weren’t a big focus for shoppers.
According to Grom, Wal-Mart regained its price leadership in April, with a market basket of 50 items selling for $257.12, below Target’s price of $260.85 for the same goods. Target edged out Wal-Mart on price by 9 cents in March.
Shares of Target rose 0.5 percent Wednesday to $41.47 as Wal-Mart’s stock fell 1.9 percent to $49.51.
Stocks were up around the world, with the FTSE 100 in London ahead 1.4 percent to 4,396.46, as Burberry Group plc rose 0.6 percent to 432.50 pence, or $6.51 at current exchange, and Marks and Spencer Group plc was up 1.4 percent to 351 pence, or $5.28.
The CAC 40 in Paris increased 1.8 percent to 3,283.51. European firms gaining ground included PPR, up 3 percent to 63.18 euros, or $84.53; LVMH Moët Hennessy Louis Vuitton, 1.5 percent to 59.17 euros, or $79.17, and Zara owner Inditex Group, 0.2 percent to 33.12 euros, or $44.31. In Tokyo, the Nikkei 225 rose 1.7 percent to 8,977.37.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@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)