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.
This story first appeared in the January 31, 2008 issue of WWD. Subscribe Today.
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.
GANT SUSPENDED: Gant shares were suspended from trading Wednesday in Stockholm pending a statement from the stock exchange. Swiss retailer Maus Frères last month mounted a hostile takeover bid for the Swedish sportswear company. Both Maus and Gant declined to comment. Maus is now the biggest single shareholder in Gant with over 35 percent.
CURRIE TO TAHARI: Elie Tahari Ltd. tapped Scott Currie as vice president of communications, effective Feb. 18. He will join from Susan Magrino Agency, where he worked for the past seven years, most recently as executive vice president. At Tahari, Currie will be in charge of the communications efforts for the Elie Tahari collection, including women’s wear, men’s wear and accessories. He also will oversee the personal public relations for Elie and Rory Tahari, who are the company’s chairman and vice chairman and creative director, respectively. Currie will report to both Elie and Rory Tahari.