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.
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