Higher-than-expected cuts in costs helped Coldwater Creek Inc. shrink its third-quarter loss and beat analysts’ expectations despite sharp declines in sales. The Sandpoint, Idaho-based retailer posted a net loss of $1.3 million, or 1 cent a diluted share, compared with a loss of $6.2 million, or 7 cents, in 2007. Revenue declined 15.8 percent to $228.5 million from $271.2 million. Analysts had projected a loss of 8 cents a diluted share on sales of $225.3 million. Gross margin fell to 37.7 percent of sales from 39.8 percent in the prior-year period, driven by the deleveraging of occupancy costs due to same-store sales that fell 20.5 percent. Inventory decreased about 11.7 percent for the quarter, and selling, general and administrative costs were reduced by $28.8 million, or 24.5 percent. “With compelling opening price points and strategic promotional and marketing initiatives, we believe we have taken all the right steps and are optimistic that our product offerings will resonate with consumers in today’s economic climate,” president and chief executive officer Daniel Griesemer said. Griesemer said he was “confident” the company’s strong balance sheet would enable it to “weather a prolonged downturn in consumer spending.” The company had $72 million in cash at the end of the quarter, in addition to full availability under a $60 million revolving credit facility that expires in 2012. Coldwater Creek said it does not anticipate borrowing under the facility and should end fiscal 2008 with more than $75 million in cash. It finished the quarter with $72.4 million in cash and cash equivalents. The retailer opened 19 stores in the third quarter and has subsequently opened eight more, for a total of 349 “premium,” rather than spa or outlet, stores. Fifteen stores are planned for 2009. For the nine months, Coldwater posted a loss of $7.4 million, or 8 cents a diluted share, compared with profits of $14.5 million, or 15 cents, last year. Net sales slid 8.1 percent to $741 million from $805.9 million.
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)
"In order for Shudu to wear garments, she needs to be able to put them on, just like you would in the real world. You have to digitize the outfits," said Cameron-James Wilson on dressing 3-D model @shudu.gram for her WWD photoshoot with @itsclo3d. #wwdfashion (📸: @cjw.photo)
“Shudu is a digital supermodel, a very glamour and amazing woman. But she’s 3-D,” says Cameron-James Wilson, a fashion photographer and the creature of @shudu.gram. Here, Shudu wears @cushnieetochs for her debut fashion editorial. #wwdfashion (📷: @cjw.photo)
“It is the fierce female performances that came before me that made be able to clearly identify for myself what it was that I wanted to do, what kind of artist I wanted to be, what kind of films I wanted to make,” said @brielarson at the Women in Film Crystal + Lucy Awards. See more pictures from the event on WWD.com. #wwdeye (📷: Matt Baron)