The negative guidance implies that, subject to revision based on sales during the final days of the fiscal year ending Feb. 2, year-end profits will be $78 million versus $97.5 million in 2011. That further suggests that fourth-quarter profits will be off 39.5 percent, to $26.7 million, while earnings per diluted share, based on the company’s approximately 28 million shares of common stock outstanding, would descend to 95 cents, nearly 46 percent below the $1.76 result previously expected, on average, by analysts.
The largemiss projected by Jos. A. Bank also weighed on the stock of the nation’s largest men’s wear retailer, Men’s Wearhouse Inc., which saw its shares drop $1.94, or 5.9 percent, to close at $31.21.
Despite what Neal Black, president and chief executive officer of the Hampstead, Md.-based Jos. A. Bank, termed a “strong marketing and promotional strategy” for holiday, customers “didn’t respond as well to our promotional items as they had in the past. Our customers responded well to our suit promotions for this period, but our nonsuit customers responded poorly to our holiday season offerings, even at very low prices, on products such as sweaters, outerwear, hats, gloves, scarves and jackets made of heavier fabrics.”
Black didn’t return calls seeking further comment Monday.
In a research note issued Monday morning, Stifel Nicolaus analyst Richard Jaffe noted the promotional disconnect represented “a change from nearly 10 years of successfully and profitably driving sales with marketing and promotions.” While also highly dependent on promotional pricing, Men’s Wearhouse might fare better as it is “not nearly as sportswear-driven as [Bank] due to its dominant tuxedo and suits business.”
Bank, which missed third-quarter analysts’ estimates with an 11.2 percent drop in profits, did report “double-digit gains” in e-commerce during the fourth quarter.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast