Retail stocks dipped slightly Friday, leaving them down for the second straight week as U.S. and international equities continued their recent declines.
The S&P Retail Index was off 0.1 percent Friday, to 529.40, putting its contraction for the week at 0.3 percent. Since hitting its all-time high of 552.11 on May 13, the index is off 4.1 percent but remains up 4.3 percent for the year.
Among the 169 North American and European issues tracked by WWD, 91 were up, 72 were down and six were unchanged. The biggest leap of the week came from Zale Corp., up 39 percent to $5.77, after reporting a loss that was smaller than both estimates and year-ago results. Other leading gainers included Syms Corp., up 39 percent to $5.77 after announcing it was exploring strategic options, including a possible sale, and Rue 21 Inc., up 11 percent to $32.96 after reporting a 65.2 percent increase in first-quarter profits and lifting its full-year guidance.
With increases of between 0.3 percent and 0.5 percent on Friday, the three major U.S. indices managed to reduce their pullbacks for the week. On Friday, the Dow Jones Industrial Average stood at 12,441.58, down 0.6 percent from a week ago; the S&P 500 at 1,331.10, down 0.2 percent for the week, and the Nasdaq Composite at 2,796.86, down 0.2 percent for the week.
European markets on Friday registered gains but weren’t able to pull out of the hole dug earlier in the week. London’s FTSE 100 was up 1 percent to 5,938.87, trimming its decline for the week to 0.2 percent. The CAC 40 in Paris rose 0.9 percent to 3,950.98, leaving it with its fourth consecutive weekly decline, a 1 percent drop. The DAX in Frankfurt was similarly down a fourth straight week after Friday’s 0.7 percent advance left it at 7.163.47, 1.4 percent behind its May 20 finish.
Asian indices tracked lower for the week despite mixed results on Friday. Tokyo’s Nikkei 225 finished the week of 0.9 percent at 9,521.94 after a 0.4 percent decline on Friday. The Hang Seng Index in Hong Kong was off 0.4 percent for the week, to 23,118.07, despite a 1 percent climb on Friday. Shanghai’s SSE Composite Index ended the week at 2,709.62 after a 1 percent decline left it off 5.2 percent for the week.
Retail stocks will be subjected to the monthly litmus test of same-store sales results, which are due from U.S. retailers on Thursday.