The WWD Global Stock Tracker and most major indices around the world gained ground today, but Sears Holdings Corp.’s shares’ downward trajectory continued.
WWD’s gauge of 100 fashion, retail and beauty equities added 0.2 percent to finish the day at 101.26.
But the Hoffman Estates, Ill.-based operator of Sears and Kmart saw its shares retreat 5.3 percent to $28 after Credit Suisse analyst Gary Balter projected negative operating cash flow of $1 billion to $2 billion this year and suggested that, without retaining cash from asset sales, “this story is not likely to have a happy ending.”
With today’s sell-off, shares of Sears are down 16.5 percent since their close late Monday, when the company disclosed that it had received a $400 million loan from ESL Investments, the hedge fund controlled by Sears chairman and chief executive Edward Lampert.
Shares of American Apparel Inc. dipped 4.6 percent to 83 cents for the second-largest decline among the equities monitored by the tracker, followed by Lotte Shopping Co., down 3.2 percent to 321,000 Korean won, or $310.17 at current exchange. Two stocks traded in Hong Kong, Global Brands Group and Trinity Ltd., declined 2.3 and 2.1 percent, respectively, to close at 1.73 Hong Kong dollars, or 22 cents, and 2.30 Hong Kong dollars, or 30 cents.
While a number of teen retailers ended the trading day with arrows pointing upward, Abercrombie & Fitch Co. shares dropped 2 percent to close at $40.49.
American Eagle Outfitters Inc. registered the strongest gain of the day, rising 2.9 percent to $14.43. Youngor Group Co. shares gained 2.6 percent to land at 8.04 yuan, or $1.31, and Isetan Mitsukoshi Holdings Ltd. and Matsuya Co. shares increased 2.3 and 2.2 percent, respectively, to 1,303 yen, or $12.02, and 1,231 yen, or $11.36.
Vince Holding Corp.’s stock was up 2.1 percent to $33.95.