NEW YORK — Retail stocks took a nasty spill Monday after weekly sales reports signaled a rough September.
It was a tough day for the markets overall with the Standard & Poor’s retail index off 10.71 points, or 3.6 percent, to 283.76. Other indices dropped less dramatically: the Dow Jones Industrial Average sank 113.87 points, or 1.4 percent, to close at 7,872.15, and the broader Standard & Poor’s 500 slid 11.69 points, also 1.4 percent, to 833.70. The Nasdaq Composite staggered 36.16 points, or 3 percent, to 1,184.93 — its first closing below 1,200 since September 1996.
Wal-Mart Stores Inc. said after last week, its total comparable-store sales for September should be near the low end of its targeted 4 to 6 percent uptick. Growth in average ticket exceeded the growth in traffic for the week.
Federated Department Stores Inc., on its Web site, said September comps "will be at best toward the lower end of our expected 3 to 5 percent increase." This goal, though, may still prove too high as the firm’s results "may fall slightly below that range." Sears, Roebuck & Co. said its same-store sales continued to slide in the high single-digit range, while J.C. Penney Co.’s department stores continued on their path toward a flat to a slightly higher comp showing for the month.
Broadline retailers watching their shares descend included Sears, down $2.69, or 6 percent, to $42.12; Dillard’s, $1.44, or 5.9 percent, to $23.15; Nordstrom, $1.05, or 5.1 percent, to $19.55; May Department Stores, $1.20, or 4.6 percent, to $24.74; Federated, $1.29, or 3.7 percent, to $33.50; Kohl’s, $2.10, or 3 percent, to $67.45 and J.C. Penney, 1 cent, or 0.1 percent, to $18.25.
Discounters were also pinched with Target down $1.70, or 5.1 percent, to $31.96 and Wal-Mart off $2.10, or 3.8 percent, to $52.60.
Specialty stores enduring retreating stock prices included Chico’s, down $1, or 5.6 percent, to $17; Urban Outfitters, $1.38, or 5.5 percent, $23.59; Talbots, $1.56, or 4.8 percent, to $31.20; Ross, $1.94, or 4.9 percent, to $37.56; Abercrombie & Fitch, $1.07, or 4.6 percent, to $22.16; Pacific Sunwear, $1.03, or 4.3 percent, to $22.76; Wet Seal, 50 cents, or 4.3 percent, to $11.05, and Bebe, 57 cents, or 4 percent, to $13.63."The stock market is having a negative impact on consumer psychology," which, in turn, curtails spending and further erodes the markets, said A.G. Edwards & Sons analyst Robert Buchanan. "The concern here is really that the cycle continues unabated and Christmas ends up even weaker than we’d thought going into this."
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast