ARCANDOR NET FALLS: In its short 2007 financial year, spanning the first nine months of 2007, taxes and write-offs for divisions it no longer owns drastically reduced net profits 96 percent for Arcandor AG, while unadjusted earnings before interest, taxes, depreciation and amortization improved 15.1 percent. In final figures released Wednesday, net profits for Arcandor, the renamed holding company of the former KarstadtQuelle AG, fell to 16.3 million euros, or $21.9 million at average exchange, from 479 million euros, or $644 million, in the prior year, while EBITDA climbed to 1.2 billion euros, or $1.57 billion, from 1 billion euros, or $1.37 billion. Adjusted group sales for the nine months rose 72 percent to 14.3 billion euros, or $19.2 billion. Arcandor confirmed its earnings and revenues forecast for fiscal 2008-09, calling for sales of 23 billion euros, or $34 billion, EBITDA of 1.3 billion euros, or $1.9 billion, and in a first-ever EBIT forecast, operative earnings of 850 million euros, or $1.3 billion.
SELECTIVE EYEWEAR TAPS PRESIDENT: Selective Eyewear Elements, which operates the SEE eyewear chain, based in Southfield, Mich., has named David Desjardins as president. Desjardins will report to chief executive officer Richard Golden, who also had held the president's title, and will be responsible for overseeing field and internal operations for the company. Most recently, Desjardins was chief stores officer for Delia's Inc. There are 20 SEE stores nationwide and the company plans to open 100 units in the next five years.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
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?"