NEW YORK — The WWD Stock Index advanced for the first time in a month, gaining 0.3 percent to 1,083.65 from 1,080.33 a week ago.
Among the broader indices, the S&P 500 shook off record-high oil prices to rally 1.9 percent to 1,131.5 from 1,110.11 last week.
The WWD Index’s gain came from investors trading up a broad base of component companies, offsetting declines from some of the bigger index members.
It was a week of bad news for Tommy Hilfiger Corp. Inc., and Wall Street responded by selling down the company’s shares 25.4 percent to $9.82 from $13.17 a week ago. Shareholders have filed at least five federal lawsuits against the company after it said its Tommy Hilfiger U.S.A. subsidiary is the target of a criminal investigation by U.S. prosecutors in Manhattan. Tommy Hilfiger U.S.A. has received a grand jury subpoena for documents going back to 1990 relating to the commission rate it paid to a non-U.S. subsidiary.
Gap Inc.’s shares fell 1.6 percent to $19.04 from $19.35 last week now that the easy part of the retailer’s recovery seems to have passed and analysts are questioning how strong its near-term results will be. Ever-increasing competition, weak traffic levels, difficult upcoming sales comparisons and a new concept catering to women over 35 that likely won’t be accretive to earnings for a few years are causes for concern. Warning signs of a deceleration in sales appeared when the company reported a 2 percent drop in aggregate June same-store sales, its first decrease in 25 months.
Federated Department Stores Inc. shares retreated 1.5 percent to $45.83 from $46.55 a week ago after the company projected a 2.1 percent decline in same-store sales for September because of the hurricanes that have battered Florida. Federated estimated $30 million in lost sales because of the storms. The state has 57 Burdine’s-Macy’s and five Bloomingdale’s — a significant chunk of Federated’s 450-store operation. The company estimated third-quarter earnings will be down 4 to 6 percent. Analysts said mainstream department stores, especially Federated and J.C. Penney Co. Inc., with 55 of its 1,021 stores in Florida, would probably suffer the worst immediate losses. Penny’s shares dropped 4.8 percent to $35.38 from $37.18 last week.For insight into the challenges faced by retailers and wholesalers in the global marketplace, business communications firm Financial Dynamics will host a panel discussion called “Changing With the Landscape: Surviving and Thriving in a New Retail World” on Oct. 13 at the New York Palace Hotel. The guest panelists will be Cynthia Cohen, founder of Strategic Mindshare; Jim Famalette, chief executive officer of Gottschalks Inc.; Financo Inc. chairman Gilbert Harrison, and Richard Olicker, president of Steven Madden Ltd.
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
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