Retail shares dropped 2.8 percent Friday and nearly 12 percent for the week as sighs of relief about the passage and signing of the economic bailout bill were drowned out by concerns about job losses and the ongoing credit crisis.
Stocks headed upward early Friday in anticipation of a rescue deal but began their descent as lawmakers took up the legislation in the early afternoon. The Standard & Poor’s Retail Index initially rose 2.1 percent but fell throughout the second half of the day, landing at 331.88, 2.8 percent below its Thursday close and 11.7 percent below last Friday’s final tally.
The Dow Jones Industrial Average followed a similar trajectory, rising 3 percent in the morning before ending the day at 10,325.70, down 157.47 points or 1.5 percent. Its decline for the week was 817.43 points, or 7.3 percent.
Declines might have been even steeper without the bailout package’s success after the Labor Department reported that the U.S. economy suffered a larger than expected loss of 159,000 jobs in September, its largest downturn in more than five years.
Among the stores underperforming the retail index were Dillard’s, down 8.9 percent to $11.06; Pacific Sunwear, down 8.8 percent to $5.70; Urban Outfitters, down 8.4 percent to $26.55; American Eagle Outfitters, down 8.3 percent to $13.63; Stein Mart, down 8.2 percent to $3.47; Nordstrom, down 7 percent to $23.62, and Saks, down 6 percent to $8.05.
Vendors’ declines were generally smaller, although G-III Apparel Group, Oxford Industries, Perry Ellis International and Polo Ralph Lauren had declines of more than 5 percent for the day.
Yesterday, the Parisian fashion house @azzaro_official cut the ribbon on a temeporary retrospective at the wing of the Musée des Arts Décoratifs in Paris. The exhibition, which shows the lasting influence of the brand’s founder Loris Azzaro, is titled “Azzaro, Fifty Sparkling Years” and presents 50 looks. In it’s ’70s heyday, fans of the brand included Jane Birkin, pictured here, Raquel Welch, Brigitte Bardot and more. See more photos on WWD.com #wwdfashion
@trinaturk and @macys Inc International Concepts line are linking up on a collection for summer — filled with accessories, swimwear and shoes. The collection will also include a Mr Turk men’s line, both of which are the designer’s first entry into a more accessibly priced area. “It’s very world-traveler, gypset-inspired,” said Turk. The Trina Turk x INC line will launch on May 15th. #wwdfashion
Assouline is paying homage to the late Azzedine Alaïa with a reprint of "Alaïa Livre de Collection.” The book is comprised of photographs of the designer's summer 1992 runway show with models Christy Turlington Burns, Naomi Campbell and Tyra Banks, pictured here at right. #wwdfashion #alaia #tyrabanks
Fall 2018 accessories take on a painterly hue, with Nebulas Blue among Pantone’s top 10 colors of the season. (📸: @jonghyupstudio ; editor: @twallz21 ; stylist and set designer: @haideefindlaylevin ) #wwdaccessories
@americanapparelusa is relaunching the brand outside of the U.S. today, opening its online store to more than 200 countries. The company is also contemplating a return to brick-and-mortar, though details have not been confirmed. In tandem with the expanded distribution is a recasting of a social media ad campagn, called “Back to Basics,” pictured here, with a focus on diversity and a cast of models above the age of 21. Read more on WWD.com #wwdnews #wwdfashion
Exclusive: @britneyspears is continuing to expand her brand. The pop icon, who appears in @kenzo ’s latest campaign, is partnering with Epic Rights to launch a line of branded merchandise. Read @hernameislex ‘s story, link in bio. #wwdnews #britneyspears
The Duchess of Cambridge channeled Princess Diana’s look upon giving birth to Prince Harry, when she and the Duke of Cambridge departed the hospital with the new baby Prince this afternoon in London. #wwdeye #princeofcambridge
The new Prince of Cambridge has arrived! The Duke and Duchess of Cambridge posed with the 8-pound newborn. She wore a look from one of her go-to designers, @jennypackham. Tap link in bio for more. #wwdeye #princeofcambridge