Impacted by a change in the timing of shipments and a planned reduction in its tailored clothing business, Hartmarx Corp. posted a first-quarter net loss last Thursday.
The net loss came in at $3.4 million, or 9 cents per diluted share, for the quarter ended Feb. 28, which compares with earnings for the same period last year of $2.6 million, or 7 cents per share. Sales for the quarter declined 16.8 percent to $120 million from $144.2 million during the comparable period last year.t
The company said the loss was expected and resulted from factors that affected its men's tailored clothing lines.
"Despite the poor first-quarter operating results, we continue to expect a significant earnings recovery for the full year of 2007 compared to 2006," said Homi Patel, chairman and chief executive officer, in a statement. "We are starting to realize the benefits from the actions we initiated last year, and we expect to return to profitability in the second quarter with significant favorable comparisons to the prior year occurring in the second half of the year."
The company shifted approximately $13 million of its advance Spring tailored clothing orders from the first quarter of last year into the second quarter this year, according to Patel. The company said it also reduced its tailored clothing operation; two tailored clothing lines included in first-quarter 2006 were not renewed this year. Additionally, Hartmarx pointed to the impact of retailer chargebacks and allowances on operating results as factors in its quarterly performance.
The company said its women's business was a bright spot for the quarter, representing approximately 25 percent of revenues in the first quarter as opposed to 16 percent for the same period last year. Sales and earnings for that segment were also improved. The company recently acquired the One Girl Who and Zooey brands.
Hartmarx manufactures business, casual and golf apparel under many of its own brands, as well as producing clothes under exclusive license agreements with brands including Tommy Hilfiger, Burberry men's tailored clothing, Claiborne, DKNY, Pierre Cardin, Perry Ellis and others.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye