A leasing deal bringing seven Primark stores to the U.S. helped Sears Holdings Corp. shares increase 23.1 percent and pace the WWD Global Stock Tracker to a second consecutive winning session.
The increase in Sears shares, which closed at $34.96 after hitting as high as $37.13 in midday trading, came after the company disclosed plans to sublet space to Primark, enabling the retailer to enter the U.S. with seven stores. Sears also said it would initiate a rights offering which could generate proceeds of up to $625 million.
The tracker ended the day at 97.63, up 0.9 percent and compounding the 0.8 percent gain registered on Friday following two days in which it had backtracked 1.7 percent.
U.S. equities had gains for the day, ranging from the Dow Jones Industrial Average’s 0.1 percent advance to 16,399.67 to the S&P 500 Retailing Industry Group’s 1.6 percent improvement to 907.52, while European markets were generally down and Asian results were fairly positive.
Ranking a distant second among tracker stocks with increases, shares of J.C. Penney Co. Inc. were up 5.9 percent to $7.68. Other large gains came from Matsuya Co., up 5.6 percent to 1,266 yen, or $11.85 at current exchange; Shanghai Metersbonwe, up 5.3 percent to 11.12 yuan, or $1.82, and Isetan Mitsukoshi Holdings Ltd., up 4.5 percent to 1,316 yen, or $12.31.
Lululemon Athletica Inc. just missed the top five list as shares advanced 4.3 percent to $40.49.
Declines were smaller and fewer in number, led by Trinity Ltd.’s 3.2 percent slump to 1.84 Hong Kong dollars, or 24 cents, and Safilo Group SpA’s 2.8 percent slide to 9.92 euros, or $12.65. After American Apparel Inc.’s 2.8 percent decline to 70 cents, Debenhams Plc was off 2.7 percent, to 59 pence, or 94 cents, and Carrefour SA down 2.5 percent to 22.56 euros, or $28.79.
VF Corp. reported third-quarter sales and profits that rose slightly less than analysts had expected while raising full-year guidance. Shares responded by increasing 0.3 percent to $63.96.