Retail stocks slipped on Wall Street today after the Labor Department’s monthly employment showed improvement in August, but quite as much as economists hoped.
The S&P 500 Retailing Industry Group fell 0.3 percent, or 2.28 points, to 819.34, as the Dow Jones Industrial Average slipped a milder 0.1 percent, or 14.98 points, to 14,922.50.
Fashion’s top gainer was Quiksilver Inc., which jumped 31.7 percent to $6.85 after the firm did better than expected in the third quarter. Profits fell 83.6 percent to $2.1 million, or 1 cent a diluted share, but adjusting for restructuring charges, earnings per share totaled 10 cents a share, well above the 4 cents projected by Wall Street analysts.
Also gaining ground were Zumiez Inc., up 11.2 percent to $28.12; Bebe Stores Inc., 6.4 percent to $5.64, and Abercrombie & Fitch Co., 1.6 percent to $36.45.
The U.S. added 169,000 jobs last month, up significantly from job gains the 104,000 in July, but still not as high as the 177,000 economists projected.
In European markets closed the week on the upswing. The FTSE MIB in Milan was up 1.2 percent to 17,047.00, Paris’ CAC 40 grew 1.1 percent to 4,049.19, the DAX in Frankfurt increased 0.5 percent to 8,275.67, and London’s FTSE 100 gained 0.2 percent to 6,547.33.
The pound traded at $1.56 against the dollar, while the euro was worth $1.32.
Retail and luxury stocks put on a mixed show, with the day’s strongest performers including Burberry, up 1.9 percent to 16 pounds; Inditex, 1.7 percent to 105.55 euros; and LVMH Moët Hennessy Louis Vuitton, 1.6 percent to 137.25 euros.
Among the shares losing ground were Safilo, down 2.1 percent to 13.37 euros; Ferragamo, 1.2 percent to 24.97 euros, and Mulberry, 0.9 percent to 9.89 pounds.