SMALL FALL AT WHITEHALL: Whitehall Jewellers said Wednesday that fourth-quarter income fell 4.8 percent to $15.1 million, or $1.05 a share, for the three months ended Jan. 31, beating Wall Street’s forecast of 92 cents. Last year, the...
SMALL FALL AT WHITEHALL: Whitehall Jewellers said Wednesday that fourth-quarter income fell 4.8 percent to $15.1 million, or $1.05 a share, for the three months ended Jan. 31, beating Wall Street’s forecast of 92 cents. Last year, the Chicago-based specialty jewelry retailer reported income of $15.8 million, or $1.07. Sales for the quarter declined 1.6 percent to $128.4 million from $130.5 million and fell 4 percent on a comparable-store basis. For the full year, income rose 4.4 percent to $10.5 million, or 70 cents, compared with 2001 income of $10.1 million, or 69 cents. Sales inched up 0.6 percent to $341 million over sales of $338.9 million, but slipped 1.9 percent on a comp basis. Whitehall said that, following an audit, it will restate earnings for the first three quarters of 2002, adding 2 cents a share to losses for the nine months, to correct the improper accounting of various vendor incentives, allowances and discounts that were initially recorded as reductions in the cost of goods sold, and should have been reflected in the weighted average cost of inventory. The company expects to file amended Forms 10-Q with the Securities and Exchange Commission to reflect the revisions, which will have no cash impact. Although the company did not detail financial guidance, it expects earnings to be lower in the first half of fiscal 2003, but said it is cautiously optimistic profitability should improve in the second half due to planned sales initiatives.
BON-TON GAIN: Bon-Ton Stores Inc. posted single-digit gains in both fourth-quarter and year-end results. For the three months ended Feb. 1, income was up 2.6 percent to $15.2 million, or $1 a diluted share, from $14.8 million, or 97 cents, in the year-ago quarter. Sales declined 1.7 percent to $241.3 million from $245.6 million. In the year, income rose 5.4 percent to $9.6 million, or 62 cents a diluted share, from $6.2 million, or 41 cents, last year. Sales fell by 1.2 percent to $713.2 million from $721.8 million. James Baireuther, vice chairman and chief administrative officer, said in a statement: "Although comparable-store sales declined slightly, we were able to control SG&A expenses, improve inventory turnover and offer our customers exceptional values."
WILSONS WITHERS: Working its way back from the closure of its travel businesses, Wilsons The Leather Experts Inc. withstood an 89.4 percent drop in income for the fourth quarter ended Feb. 1 to $2.4 million, or 12 cents a diluted share, from $22.7 million, or $1.26, a year ago. The drop included a $27.4 million aftertax charge in connection with the disposal of the firm’s discontinued travel subsidiaries. Sales fell by 7.6 percent to $303.1 million from $327.9 million. For the year, losses widened to a whopping $80.9 million, or $4.03 a share, from $17.5 million, or 99 cents, last year. Sales dropped 4.5 percent to $571.5 million from $598.3 million. Joel Waller, chairman and chief executive officer, said in a statement that, with the difficulties of 2002 now behind it, "our focus will be to strengthen our overall capital position, enhance the productivity of our existing store base and reduce our risk profile." The company is renegotiating its credit agreement with lenders and focusing on ratio tests in the existing one.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews