Shares of Casual Male Retail Group Inc. jumped 12.1 percent Thursday after the company surprised investors with a profit and lifted its guidance for the full year.Net income for the three months ended May 2 hit $336,000, or 1 cent a share, better than the 3-cent loss projected by analysts. In the prior-year period, net income was $96,000, or zero cents a share.Sales declined 9.4 percent to $97.6 million from $107.6 million in last year’s quarter. Comparable-store sales fell 10.7 percent, with a 6.7 percent decline at Casual Male and a 26.9 percent drop at the higher-end Rochester division. Gross margin fell to 42.6 percent of sales from 44.9 percent a year ago, but above the 38.8 percent registered in the fourth quarter.In a conference call Thursday morning, David Levin, president and chief executive officer, told analysts that he sees sales trends improving.“For the year, we anticipated business to continue to be challenging and planned the year at a negative 10 percent comp, which was consistent with our performance in Q4 last year,” he said. “We reported a minus 10.7 percent [comp] for Q1 of this year, but we have encountered a stabilization of the business, which has been a positive for the company. Now we have a better sense of how to react in this difficult environment.”Levin said going into 2009, the goal was “not to try and drive top-line sales in this type of economy. Our focus was to improve cash flow, continue to lower our inventory levels, reduce our debt and improve our gross margins. All these metrics are forecasted to improve throughout the year, even with the negative comp performance.”He also reiterated the company will reduce its marketing expenses by $13 million this year and will move ahead with its plan to convert five of the upper-tier Rochester Big & Tall stores to a hybrid model incorporating Casual Male and Rochester merchandise by July.Based on Rochester’s performance, the company is in the midst of “rebalancing” its assortment by boosting the amount of opening price point goods at the division.Revising previous guidance for the year upward, the company now expects merchandise margins to improve by 275 to 325 basis points, 50 points above projections provided in March. Casual Male also expects to reduce debt by $20 million to $25 million, $10 million more than previously forecast.The company’s stock Thursday closed at $1.48, ahead 16 cents. That’s up from a 52-week low of 26 cents, reached on March 17, against a 52-week high of $4.95 dating back to Sept. 10.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia