GREENSBORO, S.C. -- Boosted by a strong performance from wrinkle-resistant fabrics, Galey & Lord reported second-quarter earnings rose 31.8 percent to $4.6 million, or 38 cents a share, from $3.5 million, or 29 cents, a year ago. In the quarter...
GREENSBORO, S.C. -- Boosted by a strong performance from wrinkle-resistant fabrics, Galey & Lord reported second-quarter earnings rose 31.8 percent to $4.6 million, or 38 cents a share, from $3.5 million, or 29 cents, a year ago. In the quarter ended April 2, sales were up 8.8 percent, to $111.5 million, from $102.4 million. Sales in wovens, including wrinkle-resistant cotton fabrics, were up 13.4 percent, the company said. Man-made-fiber fabrics sales increased 6.2 percent, while printed fabrics sales dropped 21 percent, partially offsetting other gains. Arthur Wiener, chairman and chief executive officer, said the printed fabrics unit continues to underperform and is not expected to improve through the balance of this selling season.
The company continues to restructure distribution channels and manufacturing operations for the unit. Although ahead of last year, results of the man-made fabrics division were lower than expected due to the overall poor performance of the printed fabrics market, Wiener said.
In the six months, earnings after a $1.6 million accounting charge declined 3.3 percent to $7.3 million, or 60 cents, from $7.5 million, or 63 cents. Sales increased 12.5 percent to $210.6 million from $187.1 million. Woven fabric sales were up 15.9 percent, and man-made fabric sales jumped 26.1 percent. These gains were partially offset by a 15.3 percent drop in printed fabrics sales. Unfilled orders at the half were up 16 percent to $101 million from $87 million, and the company said it continues to have a positive outlook for the current quarter.
On March 31, Galey & Lord signed a definitive agreement with Burlington Industries to acquire its decorative fabrics business for about $64.7 million in cash. The deal should close on or around April 30. Galey noted the acquisition will give it a base in the home fashions market and should make an immediate contribution to earnings per share.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
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@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
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