Teen accessories and jewelry chain Claire’s Stores Inc said it saw profits decline in the third quarter.
For the three months ended Oct. 29, income dropped 48 percent to $1.9 million from $3.6 million last year. Interest expense in the quarter rose 17.3 percent to $43.5 million from $37.1 million. Sales rose 2.2 percent to $356 million from $348.2 million, but consolidated same-store sales fell 2.2 percent. By operation, same-store sales inched up 0.8 percent in North America and fell 7.1 percent in Europe.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"