NEW YORK — For a second week, investors were more keen to dump shares as several companies from a variety of sectors warned that fourth-quarter profits would come in lower than originally forecast.
But in the retail and apparel segments, this bearishness was not as prevalent. As a result, the WWD Composite Stock Index showed a 0.8 percent gain, rising to 1,163.31 for the week while the S&P 500 declined 0.1 percent to 1,184.52.
Of note was J.C. Penney, which closed the week up 4.3 percent to $42.51 on Friday. On Thursday, the retailer’s new chairman and chief executive officer, Myron Ullman, met with investors and reporters at a luncheon hosted by Citigroup Smith Barney. Those who attended said they were impressed with Ullman’s take on Penney’s market position and potential.
Deborah Weinswig, equity analyst at Smith Barney, said Ullman’s presentation showed “honesty, competency and enthusiasm with regard to leading J.C. Penney into its next era.
“Although strategic discussion was broad, Mr. Ullman noted that his long-range goals include entrenching J.C. Penney as the most compelling shopping destination in its target customer’s mind and competing in the top quartile of the industry [in the 8 to 10.5 percent pretax earnings range] in terms of performance,” Weinswig explained in a research note to investors.
Ullman is expected to give a “detailed strategic vision” for the retailer in April.
Speaking of strategic vision, Emanuel Weintraub, of the management consulting firm that bears his name, is hosting a seminar on Feb. 1 with the American Apparel & Footwear Association, titled “Operating in a World Without Quotas.”
Weintraub pulled together some heavy hitters for this seminar: Wilbur Ross, chairman of International Textile Group; Peter Boneparth, president and ceo of Jones Apparel Group and Robert Zane, senior vice president of sourcing, distribution and logistics at Liz Claiborne Inc. are among the speakers scheduled to discuss “this new worldwide environment where shopping or paying for quota is no longer required,” the organizers of the event said in a statement.
Weintraub and the AAFA usually pack the Princeton Club here with attendees. For more information, call the AAFA at 703-522-9047. “I think this is a popular topic and it will be a great, electric day,” Weintraub said.
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
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye