The WWD Composite Stock Index rebounded from last week’s yearly low, rising 2.9 percent to 1,042.45 from 1,013.12 a week ago as several key retailers posted positive quarterly results and indicated early strength in back-to-school...
The WWD Composite Stock Index rebounded from last week’s yearly low, rising 2.9 percent to 1,042.45 from 1,013.12 a week ago as several key retailers posted positive quarterly results and indicated early strength in back-to-school sales.
The rebound was less pronounced in the major markets, which continued to hover around lows for the year owing to a second bump in interest rates and oil prices hitting record highs.
For the week, the S&P 500 remained essentially flat, closing Friday at 1,064.8, compared with last week’s closing of 1,063.97. It was a similar story for the Dow Jones Industrial Average, which rose 0.1 percent to close at 9,825.35 against a closing of 9,815.33 last week. The Nasdaq fell 1.1 percent to 1,757.22.
Ultimately taking the wind from the sails was the price of crude, which closed at a high of $46.58 a barrel on Friday.
Among retailers, Kmart Holding Corp. in particular had a busy week. On Tuesday, the discounter announced it was reducing the number of stores it would sell to Home Depot to no more than 19, for a sale price of approximately $288.5 million. Under terms of the original agreement, Kmart was to have sold up to 24 stores for approximately $365 million.
The company also announced plans to cut 200 jobs, or 10 percent of its workforce, at its company headquarters.
The following day, the company announced it would become a component of the Nasdaq-100 Index. Shares fell 3 percent to close at $64.90 a share from $66.93 a share last week.
Despite reporting a double-digit gain in earnings for the second quarter, teen retail giant Abercrombie & Fitch Co. took a beating after management lowered expectations and indicated comps at its core store would continue to languish. Shares fell 11.4 percent to $28.93 from $32.67.
Teen retailers American Eagle Outfitters Inc. and Urban Outfitters Inc. avoided Abercrombie’s fate, in large part to better denim offerings.
Investors fled Wet Seal Inc. after the company announced the resignation of creative director Victor Alfaro, who had been with the company less than a year and whose work was to be the basis of the company’s turnaround. Shares fell 22.4 percent to close at $1.90 from $2.45 last week.— Ross Tucker
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“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)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)