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.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye