Saks Inc., amid a retail climate getting increasingly precarious and discount driven, has lowered its sales forecast for the fourth quarter, citing the impact of Hurricane Sandy.
Saks did report gains in third-quarter sales and profits, but projected comparable-store sales will be flat for the fourth quarter while gross margins could be flat to down 50 basis points. Nor was Saks alone: The TJX Cos. Inc. also on Tuesday projected sales flat to 1 percent up in November and flat to 2 percent up in December and January for its Marmaxx Group, composed of TJ Maxx and Marshalls, though the off-pricer had a 7 percent comp-store gain in the third quarter. Other retailers, too, are responding to the storm and the macroeconomic forces by stepping up their discounting and accelerating Black Friday specials.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)