Retail stocks advanced 1.2 percent Monday, outpacing the market and returning to growth after a one-day hiatus.
Investor sentiment was buttressed Monday by Williams-Sonoma Inc., which posted a sevenfold rise in fourth-quarter profits and was rewarded with a 12.3 percent stock jump. Tiffany & Co.’s profits also grew, but the stock managed only a modest rise after missing analysts’ estimates.
The S&P Retail Index, which broke a seven-session winning streak Friday, increased 5.51 points to 450.99, as the Dow Jones Industrial Average gained 0.4 percent, or 43.91 points, to 10,785.89.
Dillard’s Inc. stock advanced 4.5 percent to $23.86, after the department store got a vote of confidence from Moody’s Investors Service. The bond agency upgraded its probability of default rating on the firm to “B2” from “B3” and changed the outlook to “stable” from “negative.” The firm’s corporate family rating was affirmed at “B2,” indicating the company’s debt is still considered to be speculative and “subject to high credit risk,” according to Moody’s rating scale.
“Dillard’s successful efforts to better manage its retail operations through the challenging consumer environment resulted in improved credit metrics,” said Maggie Taylor, debt analyst at Moody’s. “We expect that the company will sustain this level of operating performance for the next 12 to 18 months.”
Moody’s said the company has “very good liquidity,” but its credit rating is constrained by a “history of weak and inconsistent operating performance.”
European equity markets were mixed as investors waited to see if Europe would come to the aid of debt-laden Greece.
The Athex Composite Index fell 1.9 percent to 2,010.22 in Athens as the FTSE 100 dipped 0.1 percent to 5,644.54 in London and the CAC 40 rose 0.07 percent to 3,928 in Paris.
Asian investors pushed the Hang Seng Index down 2.1 percent to 20,933.25 in Hong Kong as the SSE Composite Index inched up 0.2 percent to 3,074.58 in Shanghai and the Nikkei 225 rose 0.8 percent to 10,824.72 in Tokyo.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“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