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.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.