Retail exchange traded funds were higher Thursday as they caught a tailwind from rallies in Tiffany (NYSE: TIF) and Guess (NYSE: GES) shares after strong quarterly results.
Tiffany shares rallied 6% on Thursday while Guess jumped 12%.
Tiffany’s earnings “brings a conclusion to what has been one rather intriguing reporting period for retailers,” said analysts at Wall Street Strategies in a note.
“Storylines were abundant, ranging from the revival of private label good sales to sustained share gain from dollar stores to continued strength within the luxury goods industry,” the analysts wrote. “Truthfully, the economic recovery has unearthed a tale of two consumer worlds.”
At Guess, better-than-expected first-quarter results and a solid outlook “have allayed investors’ concerns that this business was in continued decline,” Jefferies analysts said. “Much to the contrary, we believe the company has a great global growth platform and a U.S. business that shows further stabilization.”
SPDR S&P Retail ETF (NYSEArca: XRT) climbed nearly 1% Thursday morning.
SPDR S&P Retail ETF
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