Retail stocks last week enjoyed their third positive week in the last four — and their best since late March — despite the drama surrounding CIT Group Inc.
Following a 0.5 percent increase on Friday, the S&P Retail Index finished the week at 335.54, an 8.4 percent jump over the prior week. Although now up 20.2 percent for the year, the index hadn’t performed as well since the week of March 23, when it registered a 9.5 percent gain. However, the index closed below 300 — at 296.88 — that week as hopes of a gradual recovery in retail sales began to gain traction.
All three major indices scored healthy gains last week, but even the strongest of the three — the Nasdaq Composite — lagged the S&P Retail Index. The Nasdaq rose 7.4 percent to 1,886.61 for the week, lifted by encouraging second-quarter technology earnings and the prospects of more to come. It’s now ahead 19.6 percent for the year.
While CIT struggled to find new financing and stave off bankruptcy, several of the largest financial firms, including Goldman Sachs Group and Citibank, dazzled the markets with strong profits, helping the Dow Jones Industrial Average rise 7.3 percent for the week to 8,743.94 and the S&P 500 gain 7 percent to finish at 940.38. The increase reduced the Dow’s decline for the year to date to 0.4 percent while the S&P 500’s increase for the year moved up to 4.1 percent.
CIT finished the week at 70 cents, off 54.3 percent and down 96.5 percent since the start of the year. Shares fell 75 percent on Thursday before trading was halted in advance of the news that a second round of federal assistance for the New York-based factoring and finance firm wouldn’t be forthcoming. The stock more than doubled early Friday before finishing the day up 70.7 percent.
Of the 174 retail, fashion and beauty firms tracked by WWD, 154 finished with increases for the week, 18 were down and two were unchanged.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)