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.
Etro’s show, titled “The Tree of Life,” was a celebration of the house’s 50th anniversary. “My father founded the company in 1968, which was the year of counterculture and psychedelia. It’s really a show that celebrates that and the paisley design of India and its origin,” said Veronica Etro. #wwdfashion #mfw #ss18 (📷: @delphineachard)
For @msgm’s spring 2018 show, creative director @massimogiorgetti said “Words, sounds, colors. Synthesis and therapy of a collection,” were the inspirations behind the collection, showing today. Read the rest of Milan spring 2018 inspirations on WWD.com. #mfw #wwdfashion #ss18
For her first solo album in over 10 years, Fergie tapped Carine Roitfeld, Mert and Marcus, Giovanni Bianco and more to create a fashion-focused video approach for the record, Double Dutchess. "Giovanni really helped me get back in touch with my tomboy side, my hardside," said the singer. #wwdeye #wwdfashion ( : @slovekinpics)
“Volumes and Graphic Art of the Nineties are the main inspirations of the new Aquilano.Rimondi SS 2018 collection,” said cocreative directors Tommaso Aquilano and Roberto Rimondi. #wwdfashion #mfw #ss18