Jos. A. Bank Clothiers waited until four hours after the stock markets closed Friday to inform investors that it expects its profits for the year to be down about 20 percent after its holiday promotions failed to generate anticipated sales levels.
The guidance, issued at 8:05 p.m. Friday, implies that fourth-quarter profits will be off 39.5 percent, to $26.7 million from $44.1 million in the final quarter of 2011. A 20 percent drop in profits for the year, which ends Feb. 2, would put net income at $78 million, versus $97.5 million in 2011. The projections follow a 11.2 percent drop in third-quarter profits, which missed earnings per share estimates by 9 cents, even as sales rose 11.1 percent to $232.9 million, ahead of analysts’ expectations.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)