Shares added 42 cents, to close at $15.87, during Monday’s regular trading session as Wall Street waited for word that Johnson was out, and the stock continued to rise in early after-hours trading.
However, once Penney’s confirmed that Johnson would leave and be succeeded by Myron (Mike) Ullman 3rd, Johnson’s predecessor, Penney’s surrendered its early after-hours gains.
By 5:35 p.m. EDT, after-hours gains that had stretched as high as 10 percent had been transformed into a 5.9 percent decline, 94 cents below the close at $14.93.
Even with the gains garnered before the close of the markets Monday, Penney’s shares are down 19.5 percent since ending 2012 at $19.71.
Prior to the conclusion of the Johnson drama at Penney’s, the S&P 500 Retailing Group picked up 1 percent to 731.97 Monday, outpacing the Dow Jones Industrial Average’s 0.3 percent increase to 14,613.48.
Even with Monday’s gains, shares are down 19.5 percent since ending 2012 at $19.71.
Two Los Angeles area firms, Joe’s Jeans Inc. and Pacific Sunwear of California Inc., were the biggest percentage gainers among apparel and retail stocks Monday, with Joe’s up 5.6 percent to $1.90 and PacSun ahead 5.5 percent to $2.29. Coldwater Creek Inc. and Oxford Industries Inc. also drew approval from the bulls, growing 4 and 3.2 percent, respectively, to $3.14 and $56.23.
Gainers outnumbered decliners by about a three-to-one margin in the world of publicly traded fashion companies Monday. Tandy Brands Accessories Inc. weathered the largest sell-off, falling 3.3 percent to 46 cents as it continued attempts at a restructuring after it fell out of compliance with the profitability covenants of its credit agreement with Wells Fargo.
Another Los Angeles-based concern, American Apparel Inc., shed 0.9 percent to close at $2.10.
European markets closed on an upbeat note after less-than-sunny performances last week. Paris’ CAC 40 and Frankfurt’s DAX led the way, both up 1 percent to 3,666.78 and 7,662.64, respectively. The FTSE 100 in London was ahead 0.4 percent to 6,276.94, while the FTSE MIB in Milan was slightly down at 0.1 percent to 15,243.39.
The pound traded at $1.51 against the dollar, while the euro was worth $1.31 and the Swiss franc fetched $1.07.
Retail and luxury stocks were mostly up, with the day’s strongest gainers including Yoox, up 3.4 percent to 14.74 euros; Mulberry, 2,7 percent to 9.55 pounds; and Compagnie Financière Richemont, 2.2 percent to 72.65 Swiss francs.
Among the stocks losing ground were Asos.com, down 1.3 percent to 31.57 pounds, and Safilo, 1.4 percent to 10.53 euros. Shares of ethical gemstone miner Gemfields took a tumble, dropping 15.9 percent to 0.25 pounds after it said it could be hurt by a possible ban by the Zambian government on selling stones outside the country.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty