Specialty stores sustained the worst damage as retail stocks took another beating Monday, their fifth day of decline in the last six sessions.
The Standard & Poor’s Retail Index closed at 239.98, off 6.6 points, or 2.7 percent. The drop was slightly greater than the major indices. The Dow Jones Industrial Average lost 223.73 points, or 2.6 percent, and the S&P 500 was down 22.54 points, also 2.6 percent, to 850.75.
The continuing wave of lower third-quarter results, and reduced fourth-quarter expectations among retailers, contributed to the downward motion, which followed Target Corp.’s disclosure of a 23.8 percent decline in third-quarter profits. Citigroup’s announcement of 52,000 job cuts and an analyst downgrade of Alcoa Inc. also pushed equities toward the red.
Of the dozen worst performing stocks tracked daily by WWD, four were specialty stores, with the biggest decline from Coldwater Creek Inc., down 18.5 percent to $1.28. Charming Shoppes Inc., Eddie Bauer Holdings Inc. and Abercrombie & Fitch Co. took hits of 16.5, 14 and 13.4 percent, respectively.
European markets closed lower. In Paris, the CAC 40 was off 109.44 points, or 3.3 percent, to 3,182.03. In London, the FTSE 100 closed off 100.81 points, or 2.4 percent, at 4,132.16. In Milan, shares of Safilo Group SpA lost almost 30 percent of their value, falling 0.23 euros to 0.55 euros, or 69 cents at current exchange, after Friday’s report of lower earnings and sales in the first nine months of the year. IT Holding SpA’s stock was down 9.7 percent to 0.20 euros, or 25 cents, but, in Frankfurt, Escada AG was up 15.3 percent to 4.61 euros, or $5.81.
Results in Asia were mixed, with Tokyo’s Nikkei 225 advancing 60.19 points, or 0.7 percent, to 8,522.58, and the Hang Seng Index in Hong Kong retreating 13.13 points, or 0.1 percent, to 13,529.53.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty