NEW YORK (
) -- Retailers are rallying as market sentiment brightens following growth in the U.S. economy and moderating jobless claims.
The S&P Retail Index is climbing 1.8% to 442.86 in afternoon trading, receiving a boost from luxury players, specifically jewelers.
are both surging after reporting better-than-expected earnings reports. Tiffany saw its profit more than double in the first-quarter, prompting the jeweler to up its full-year outlook.
Tiffany now expects earnings in the range of $2.55 to $2.60 a share, topping Wall Street's outlook of $2.51. As a result, shares are increasing 4.9% to $45.70 in afternoon trading.
Zale said on Wednesday that it narrowed its loss in its third quarter
, as it sold more merchandise at full price and received a tax benefit.
During the quarter, the more moderately priced jeweler lost $12.1 million, or 38 cents a share, compared with a loss of $19.5 million, or 61 cents, in the year prior. Excluding the tax gain, Zale actually lost a much steeper 76 cents a share, but this was still substantially better than Wall Street's forecast of 95 cents.
Zale is rising 5.6%, exchanging hands at $2.66.
is one of the day's biggest gainers, surging 16.3% to $12.89.
The watchmaker said on Thursday that it narrowed its first-quarter loss
and will shutter its boutique division.
Movado is instead focusing on its wholesale channel, as its boutique stores were expected to hurt full-year revenue by $30 million.
On the other end of the spectrum,
is also rising as its third-quarter profit nearly doubled, with sales and membership revenue on the upswing.
These better-than-expected results are driving up Costco's stock 4.8% to $58.64 in midday trading.
is making up for its sell-off at the end of the day Wednesday, currently spiking 20.2% to 34 cents.
Other notable winners include
, which is advancing 8% to $1.22,
, jumping 9.4% to $1.63,
, which is increasing 9% to $33.39 and
, which is up 6.3% to $28.30.
But amid the gainers there are several losers.
, for one, is tanking 9.6% to $2.07, after it said it lessened its first-quarter loss, but is still struggling with declining sales.
The bookseller recorded a loss of $64.1 million, or $1.07 a share, compared with a loss of $86 million, or $1.44, in the year-ago period.
Borders sales dropped 16% to $547.2 from $650.2, while same-store sales tumbled 11.4%.
99 Cents Only Stores
is slipping 1% to $15.01, giving some of the gains it picked up in after-hours trading on Wednesday.
The discounter reported at the close yesterday that its fourth-quarter profit more than doubled, to $16.9 million, or 24 cents a share, as sales improved and the company cut costs. This easily topped Wall Street's forecast of 17 cents a share.
American Eagle Outfitter's
wings are being clipped, after its
first-quarter report squelched hopes of a near-term recovery
The teen retailer remains one of the few retailers that is still seeing profit declines. While it was hurt by the shuttering of its Martin + Osa chain, it still forecast disappointing second-quarter earnings, citing margin pressure from weaker business trends early in the quarter.
Shares of American Eagle are falling 1.6% to $12.61 in afternoon trading.
-- Reported by Jeanine Poggi in New York.
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