NEW YORK — Thanks to big gains in stock prices on Thursday — due in large part to a broader market rally — the WWD Composite Stock Index edged out a gain for the week to finish 1,087.17 on Friday, up 1.2 percent from 1,073.77...
NEW YORK — Thanks to big gains in stock prices on Thursday — due in large part to a broader market rally — the WWD Composite Stock Index edged out a gain for the week to finish 1,087.17 on Friday, up 1.2 percent from 1,073.77 a week ago.
In comparison, the S&P 500 moved up 0.5 percent throughout the week to 1,113.67 from 1,107.77 last week.
Wall Street’s attention was focused on Thursday’s August same-store sales results, which showed the weakest aggregate gain in more than a year, and caused several retailers to revise quarterly earnings estimates. Most notably, Wal-Mart said earnings per share in the third quarter was expected to come in at the low end of its prior forecast of 52 cents to 54 cents. The lowered guidance was announced following Wal-Mart’s report of a 0.1 percent gain in August comps at its discount stores. Wal-Mart guided September comps to be up 2 to 4 percent.
Shares of the world’s largest retailer finished the week down 0.6 percent to $53.25 from $53.56 last week.
On the specialty retail side, shares in American Eagle Outfitters closed the week up 4.8 percent to $36.06 from $34.40 a week ago after the company boosted its third-quarter earnings-per-share projection by about 10 cents to 56 cents to 58 cents. The company reported a staggering 26.6 percent rise in August comps at its U.S. American Eagle stores last week.
Chico’s FAS, however, reported a weaker-than-expected 3.6 percent rise in August comps. The results came one week after the company had guided for a 6 to 8 percent rise in August comps amid its second-quarter earnings report that showed double-digit gains in both profits and sales. The stock closed the week down 9.1 percent at $38.63 from $42.51 in the prior week.
Despite the generally weak comps, the S&P Retail Index surged 2.3 percent to 401.22 from 390.31 a week ago. The index’s improvement came amid a rally in the broader markets, which was based partly on improved oil prices and a news report that the arrest of Osama bin Laden “is closer than ever,” according to a U.S. counterterrorism official quoted in an Associated Press story.Meanwhile, shares of Kmart Holding Corp., which does not report monthly same-store sales, got a boost last week after the company said late last week that it will sell 45 stores — with the possibility of selling six more — to Sears, Roebuck & Co. for cash proceeds that could total as much as $589.7 million. Kmart closed the week up 6.3 percent to $82.08 from $77.20 last week.
Other gainers in the week included vendors Polo Ralph Lauren, up 5.2 percent to $38.45 from $36.55 in the prior week; Liz Claiborne, which increased 5.4 percent to $39.48 from $37.45 a week ago; and Nike, up 1.1 percent to $76.81 from $75.95 last week.
“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