U.S. retailers got a late Christmas gift today as retail shares continued their upward trajectory despite mixed results for the season.
The S&P 500 Retailing Industry Group rose 0.8 percent to 942.14, a record close for the index. The Dow Jones Industrial Average advanced for the sixth consecutive trading session and also ended the day in record territory with a 0.8 percent increase to 16.479.88. The S&P 500 rose a more modest 0.5 percent at 1,842.02 but still landed at a new record level.
While retailers were focused on their holiday receipts and residual inventories, investors were reassured by a decline in weekly applications for state unemployment benefits.
Initial reports on the holiday season suggested modest growth for the November-December period. MasterCard SpendingPulse pinned the increase in seasonal sales at 2.3 percent, with apparel eking out gains provided by strength in the children’s wear classification. Jewelry was the leading classification for the season, the company said.
Target Corp.’s shares picked up 1.3 percent to $62.48 even as calls for scrutiny into its recent security breach spread. Columbia Sportswear Co. logged a 3.1 percent increase in its stock price, to $79, as reports continued to pinpoint outerwear as one of the strongest categories of the season. J.C. Penney Co. Inc. saw its shares add 2.5 percent, to $8.97, while Zale Corp. enjoyed a 2.4 percent jump to $16.53 on jewelry’s seasonal strength.
Among a handful of issues with declines were specialty retailers Pacific Sunwear of California, down 6.2 percent to $3.35, The Wet Seal Inc., down 2.7 percent to $2.57; Christopher & Banks Corp., down 1.8 percent to $8.96, and Tilly’s Inc., down 1.5 percent to $11.05.
Donatella Versace will receive the International Award at the 2018 @cfda awards, which were announced tonight. Tap link in bio for a list of all the nominees and honorees. #wwdnews #wwdfashion (📷: @rahirezvanistudio )
The 2018 @cfda Awards nominees are out! @virgilabloh for @off____white for is nominated for Womenswear Designer of the Year. Tap link in bio for all the nominees. #wwdnews #wwdfashion ( 📷: @simonelezzi)
@chanelofficial is suing high-end vintage retailer @whatgoesaroundnyc for trademark infringement, a move that could cost the retailer millions. The French fashion house claims that it’s not only unintentionally sold counterfeit goods on occasion, but that it’s “gone out of its way to create an association with Chanel,” which does not exist. Read Chanel’s statement on WWD.com #wwdnews (@aitorrosasphoto)
Exclusive: Guillaume Henry has left @ninaricci, the fashion house said on Thursday. “After three years of mutually gratifying creative collaboration, Nina Ricci and Guillaume Henry have together decided that the designer will depart the house after the presentation of the fall-winter 2018-19 collection,” Ricci said in a statement. Get all the details on WWD.com #wwdfashion (📷: @aitorrosasphoto)
“When Bella enters a room all heads turn,” said @peterphilipsmakeup, creative and image director for @diormakeup. Last night, the two celebrated the product launch of Dior’s Lacquer Plump in Los Angeles with other celebs like @parisjackson, @winnieharlow and more. Head to WWD.com to see the rest of the photos from the night (📷: @chelsealaurenla) #wwdeye
“These shirts are an art form, it’s about getting the message out to as many people as you can. It breaks down the pretentiousness of the art gallery,” says Kumasi Sadiki, cofounder of @ebayontheblock, a store that sells merchandise by New York artists who are shifting their attention to clothes as a wearable medium. Pictured here is a design by artist @joegarvey_, one of the first to spearhead this movement. Head to WWD.com to read @mistywhitesidell full story on how their designs have become merch for the underground elite #wwdfashion
@netaporter is dedicating a part of its website – called the Fine Jewelry and Watch Destination – to highlight its high-end jewelry. The hub will feature products on the site, as well as incorporate styling advice and educational content about high-priced jewelry items. Get more details on WWD.com. #wwdaccessories
For “The Cher Show,” an upcoming musical based on @cher’s life and career, @bobmackie is once again collaborating with the singer in designing the costumes. For decades, Mackie has designed glitzy stage costumes and red carpet looks for the 71-year-old Grammy winner. Pictured here is a sketch of some of the pieces in the wardrobe of the musical, which is set to debut in Chicago on June 12 before making its way to Broadway #wwdeye