Retail stocks rose 0.4 percent Monday, making up some of the ground lost in Friday’s 3.3 percent drop.
There’s little indication the still-depressed markets are ready to take a decisive move up, as early second-quarter reports from major banks have painted a somewhat mixed picture of the economy. And investors are waiting for retailers to weigh in with their outlooks for the rest of the year when they report second-quarter results next month. Investors are also keeping a close eye on consumers, who have had their confidence shaken by continued weakness in employment.
The S&P Retail Index rose 1.64 points on Monday to 392.22. The sector has not turned in two consecutive days of gains since June 14 and 15, when the index closed at 441.69. The Dow Jones Industrial Average kicked off the week with a 0.6 percent, or 56.53 point, gain to 10,154.43.
Monday’s fashion gainers included Macy’s Inc., up 2.2 percent to $17.53; The Warnaco Group Inc., 1 percent to $36.81; Gap Inc., 0.9 percent to $18.29, and Urban Outfitters Inc., 0.8 percent to $32.21.
Offering some encouragement for the second half, an online survey by PriceGrabber, part of the shopping Web site Experian, found that back-to-school shoppers of all ages plan to buy more apparel than a year ago.
“The trends we are seeing in shoppers’ back-to-school clothing purchases this year indicate that, although they continue to be focused on budget-minded spending, older students in particular are expanding their wardrobes, which would indicate a shift toward discretionary clothing purchases,” said Laura Conrad, president of PriceGrabber.
Asian and European markets were generally down.
The Nikkei 225 fell 2.9 percent to 9,408.36 in Tokyo as the Hang Seng Index slipped 0.8 percent to 20,090.95 in Hong Kong. The DAX decreased 0.5 percent to 6,009.11 in Frankfurt as the CAC 40 dropped 0.4 percent to 3,486.33 in Paris and the FTSE 100 slipped 0.2 percent to 5,148.28 in London.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion