The WWD Global Stock Tracker enjoyed its fourth gain in as many days as strong second-quarter results from The Estée Lauder Cos. Inc. and Coty Inc. led beauty issues higher.
The group of 100 international fashion, retail and beauty stocks rose 0.4 percent to 111.76, eclipsing the previous all-time high of 111.63 set on Jan. 26. The tracker’s gain was modest in comparison to the Dow Jones Industrial Average’s 1.2 percent ascent to 17,884.88, just over 200 points below its all-time high of 18,103.40, and the S&P 500’s 1 percent rise to 2,062.52.
While the general market’s increases came in reaction to higher prices for crude oil and a surge in healthcare stocks in the aftermath of Pfizer’s $16 billion acquisition of Hospira, strong results in the beauty sector paced the tracker’s gains.
Coty Inc. scored the biggest gain, rising 12.2 percent to $21.24, followed by The Estée Lauder Cos. Inc.’s 8.1 percent rise to $78.40. Both reported strong second-quarter results and provided upbeat second-half outlooks.
Elizabeth Arden logged the fourth best gain, up 5.6 percent to $15.38, but fell in after-hours trading following its report of a larger-than-expected quarterly loss, including the disclosure that second-half charges for its restructuring would be higher than anticipated.
L Brands Inc. was up 5.4 percent to $91.19 following its report on better-than-expected January same-store sales, an increase in its dividend, the declaration of a special dividend and an expansion of its share buyback plans.
Although not part of the tracker sample, Stein Mart Inc. shares rose 11 percent to $15.76 on better comps than expected and the declaration of a special dividend.
In between Lauder and Arden, shares of Myer Holdings Ltd. were up 5.6 percent to 1.79 Australian dollars, or $1.38 at current exchange.
Stocks declining were paced by Esprit Holdings Ltd., down 5.1 percent to 8.21 Hong Kong dollars, or $1.06, and Tumi Holdings Inc., down 4.5 percent to $21.30.
The third largest decline came from The Buckle Inc., down 3.2 percent to $50.61 after its January comp increase of 0.8 percent fell short of the analysts’ consensus estimate for a 4.2 percent increase, according to Thomson Reuters.
Shares of Isetan Mitsukoshi Holdings Ltd. were off 2.9 percent to 1,676 yen, or $14.29, while Anta Sports Products Ltd.’s stock fell 2.3 percent to 13.38 Hong Kong dollars, or $1.73.