New York—For many, the big M this week was all about Miley Cyrus, the ex-Disney-star-turned-twerking-vamp whose antics at the VMAs dominated conversations from the water cooler to newspaper editorial pages.
But the really big M this week was really all about money.
At JCPenney, which is trying to turn around from a near $1 billion loss last year, saw its majority shareholder, Pershing Square Capital Management, William Ackman’s hedge fund, sell off its 18% share for some $504.4 million. The hedge fund, however, is nearly $500 million poorer as a result of the loss on its JCPenney investment.
Another trouble retailer, Aeropostale saw its stock price lose 40% after reporting a $33.7 million second quarter loss.
Fortunately, not all the big M news was about losses. Express fared better than many of its retail rivals, posting gains in earnings and shares that impressed even Wall Street’s most cynical retail analysts.
Italian accessories house Ferragamo boasted a $107.1 million profit for the first half of this year thanks to expanding sales across the globe. Tiffany & Co., too, touted its $106.78 million in second quarter earnings, helped by expanding sales in Asia.
And Nordstrom, preparing for a grand, long awaited New York flagship, spent a reported $102.5 million to secure rights to its location, anchoring what will be one of the tallest buildings in the world–and one of the most expensive.