The WWD Global Stock Tracker managed its second consecutive weekly gain Friday despite a loss for the day that reflected ongoing uncertainties ranging from international hot spots like Ukraine and Iraq to the tenor of consumer sentiment.
The tracker ended the week at 98.06, 0.4 percent below its finish on Thursday but 0.6 percent above its end point on Aug. 8. The monitor of 100 publicly held fashion, luxury, retail and beauty stocks around the world was inaugurated, and set at its baseline level of 100, on July 8.
WWD’s stock sample underperformed major international indices for the week, including the S&P 500 Retailing Industry Group, which rose 1.5 percent to 894.87 versus the Dow Jones Industrial Average’s 0.7 percent increase to 16,662.91. Overseas, London’s FTSE 100 was up 1.9 percent to 6,567.36 while Hong Kong’s Hang Seng Index turned in a 2.6 percent increase for the week to close at 24,331.41.
Much of the focus for the week was on the start of the second-quarter earnings reports of major U.S. retailers. Dillard’s Inc. registered the largest decline of all 100 issues on the tracker Friday, dropping 8.2 percent to $106.11 after reporting lower earnings and sales that fell below earnings expectations. The second largest drop was from Nordstrom Inc., off 5.2 percent to $65.11 on the company’s Thursday evening report that included slower-than-anticipated sales growth.
Even J.C. Penney Co. Inc., which reported a far smaller-than-anticipated loss late Thursday, felt the sting of investor doubt about consumer spending as shares were off 2.5 percent to $9.50.
This week, the process of retailers’ quarterly reports continues with Target Corp. and L Brands Inc. due to release results on Wednesday and a long list of retailers — highlighted by firms including Gap Inc., Sears Holdings Corp., The Bon-Ton Stores Inc. and the first of the major teen retailers to provide a performance update, Aéropostale Inc. — due to share their numbers on Thursday.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion