Many of Jos. A. Bank Clothiers Inc.’s holiday promotions fell on deaf ears in 2012, and its stock fell dramatically Monday on that news.Shares of the men’s wear chain dropped 15.1 percent, or $6.99, to $39.28 Monday after hitting a 52-week low of $37.31 in midday trading. Investors fled following the company’s disclosure late Friday night that it would see earnings drop 20 percent for the year after its holiday promotions for cold-weather apparel and accessories failed to attract sales as they had in the past.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.RELATED CONTENT: Click Here for More Earnings Coverage >>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.
“I design by visualization. I see things, and most of the time they’re not practical to actually make, and what I’ve found here, it’s like anything’s possible. This is the first time that I’ve made a sole unit in two months. That process usually would take six, so here’s a difference,” said @virgilabloh of the first sneaker sample he created for @louisvuitton, pictured here. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion (📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim
“I genuinely fell in love with water, I fell in love with Fiji, I fell in love with the whole life that we lived for those few months,” says @mrsamclaflin of filming for his new movie “Adrift” with @shailenewoodley. The 31-year-old actor spoke with WWD about his upcoming projects, meeting Jamie Dornan and working with co-star Woodley. #wwdeye (📷: @jamstoker)
3 years ago, fans of the late singer Aaliyah started calling for a collaboration with @maccosmetics. With the strength of social media — including mock ups of products — 25,000 people signed a Change.org petition for a limited-edition collection, and MAC couldn’t ignore the buzz. Tomorrow, MAC will unveil MAC x Aaliyah, a tribute to the singer who passed away nearly 17 years ago. Head to our stories to preview the new collection, which was worked on by Aaliyah’s family and inspired directly by her makeup bag. #wwdbeauty
Artistic director @clarewaightkeller will be dedicating @givenchyofficial’s fall 2018 couture show in Paris on July 1 to house founder Hubert de Givenchy, who passed away in March at age 91. Givenchy said the collection would be “an homage to his iconic creations, technique, and personal lexicon” and a “celebration of his timeless elegance and grace.” Head to WWD.com to read more. #wwdfashion (📷: Delphine Achard)
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)