Retail shares struggled to lock in advances throughout the day Monday and ended trading just slightly below their starting point.
The S&P Retail Index was down less than 0.1 percent, closing the session at 228.76. While retail stocks spent nearly the entire day in positive territory before dipping into the red, the major indices, battered by uncertainty about financial stocks and federal economic policy that wasn’t eased by Merck & Co. Inc.’s agreement to buy Schering-Plough Corp., weaved back and forth between gains and losses before ending the day on the down side. By the time the closing bell sounded, the Dow Jones Industrial Average was off 1.2 percent at 6,547.05, the S&P 500 down 1 percent at 676.53 and the Nasdaq Composite 2 percent lower at 1,268.64.
The largest decline registered among the stocks tracked by WWD came from AnnTaylor Stores Corp., which fell 17.3 percent to close at $2.82, establishing a new all-time low of $2.41 earlier in the day. This follows its 38.5 percent drop on Friday, when the retailer reported a larger-than-expected fourth-quarter loss and plans for 46 additional store closures. Battling reduced consumer spending, and especially hard hit by the decline in consumption of career apparel in light of the brutal employment environment, the company has seen its stock drop by more than half in the last three trading sessions.
On the other side of the ledger, General Growth Properties Inc. enjoyed a 5-cent, or 15.2 percent, increase to 38 cents after The Wall Street Journal reported that the property group is formally asking holders of $2.3 billion of its bonds for nine months to work out its debts to avoid bankruptcy.
Based on what he described as a “peak of negativity,” Brean Murray, Carret & Co. analyst Eric Beder lowered his 2009 earnings projections for Bebe Stores Inc., Coldwater Creek Inc., Guess Inc., G-III Apparel Group Ltd., Maidenform Brands Inc., Perry Ellis International Inc., True Religion Apparel Inc. and Warnaco Group Inc., as well as his 2010 estimates for Bebe, True Religion and Warnaco and his price targets for Bebe, G-III and Perry Ellis. However, he reiterated his “buy” ratings for Bebe, Guess, G-III, Perry Ellis, True Religion and Warnaco.
He said “there is light at the end of the tunnel,” noting that in the second half of 2010 companies should benefit from lower transportation and production costs, “materially lower” inventories, benefits from cost cuts and far easier comparisons.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)