Ascena Retail Group Inc.’s deal to bring Charming Shoppes Inc. into the fold weighed on fourth-quarter earnings.Net income fell to $1.6 million, or 1 cent a share, from $28.2 million, or 18 cents, a year earlier. Sales for the three months ended July 28 rose 29.5 percent to $939.7 million from $725.8 million.Ascena is liquidating Fashion Bug and plans to sell Figi, both of which were picked up in the Charming Shoppes deal. David Jaffe, president and chief executive officer, told analysts on a conference call that the plans for Charming’s Lane Bryant and Catherines businesses remain “fluid.”“We expect to streamline infrastructure, eliminate redundancy and create synergies,” Jaffe said. “The strategic state with Charming, as expected, is very good and this transaction both illustrates and reinforces our strategy to serve as a diversified group of growing brands in specialty retailing.”Excluding the impact of the Charming deal, adjusted income from continuing operations rose to $49 million, or 31 cents a diluted share, from $28.2 million, or 18 cents, a year earlier. Jaffe also said he was keeping a close eye on the recovery.“We’re clearly watching the macroeconomic picture,” he said. “We view the consumer as hesitant. There are obviously many economic factors at play that are impacting our customers, in particular, the soft employment picture. Additionally, as you can appreciate, we are in the midst of an election cycle and we think consumers are somewhat distracted and may prove more willing to spend when the uncertainty about the future is resolved by the election.”For the full year, Ascena’s net earnings slipped to $162.2 million, or $1.02 a diluted share, from $170.5 million, or $1.05, last fiscal year. Sales gained 15.1 percent to $3.35 billion from $2.91 billion.The company’s nameplates also include Justice, Lane Bryant and Dress Barn.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim