Shares of Wal-Mart Stores Inc., which were bolstered by an upgrade from Citi analyst Deborah Weinswig, led a late-day rally that pushed the stock market into positive territory Monday.
Weinswig switched her outlook on Wal-Mart to “buy” from “hold” Monday morning, citing a possible price war in the grocery aisle as the economy improves as well as a strengthening of the retail giant’s New York apparel organization.
Wal-Mart’s stock rose 2.8 percent to $55.42 and was the strongest of the 30 stocks that make up the Dow Jones Industrial Average. The Dow ended up 0.2 percent, or 17.46 points, to 10,642.15 after spending most of the day in negative territory. The S&P Retail Index advanced 0.4 percent, or 1.67 points, to 444.12, the index’s highest close in more than a year.
Wal-Mart moved its apparel operations to New York in 2007 to better get the pulse of the fashion industry, but Eduardo Castro-Wright, vice chairman and head of the U.S. discount stores, said last month he was “disappointed” in the business and the merchandising strategy has been under review.
Weinswig said Dottie Mattison, the company’s senior vice president and general manager of apparel, has strengthened her management team. “Lack of an aligned management team in apparel has resulted in significant disruption in [Wal-Mart’s] apparel business over the past three years,” Weinswig said. “We believe that this newly aligned management team, along with improvements in global sourcing and [Wal-Mart’s] partnership with Li & Fung, could begin to yield top-line and gross margin benefits as early as [the second half].”
After the U.S. markets closed Monday, Limited Brands Inc. said it would pay a special $1-a-share dividend on April 19 to shareholders of record on April 5. Limited’s board also approved a $200 million stock repurchase program, an amount that includes $31 million still remaining on its previous $250 million authorization.
Limited noted that, through dividends and stock repurchases, it’s returned nearly $10 billion to shareholders over the last decade.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)