NEW YORK — Lane Bryant provided an additional plus for its parent, Charming Shoppes, in the quarter.
For the three months ended Aug. 3, income for Charming Shoppes, based in Bensalem, Pa., skyrocketed 72 percent to $25.5 million, or 20 cents a diluted share, 2 cents ahead of consensus estimates and 72 percent above the $14.9 million, or 14 cents, posted in the year-ago quarter. Sales were up 59 percent to $638.3 million from $402.7 million. Results include sales from Lane Bryant, which was acquired on Aug. 16 last year. Comparable-store sales inched up 1 percent.
"The merchandising margin at all of our brands showed significant improvement, year over year, due to strong sell-through of summer product, as well as strong inventory management throughout the quarter," Dorrit Bern, chairman, president and chief executive officer, said during a conference call. "Also the addition of Lane Bryant to our portfolio of stores provided incremental earnings."
She said that LB sales were $227 million, with comps down 3 percent. Top sellers were tops, skirts and denim. The fall selling season began with just 7 percent carryover of summer merchandise.
Fashion Bug sales totaled $321 million, with comps up 4 percent. Accessories, shoes, and intimate apparel performed well with positive comps. Over at Catherine’s, sales were $90 million and comps were flat.
Todd Slater, analyst at Lazard Freres, wrote in a research update following the earnings release that "August and third quarter could be off to a bit of a slow start," noting that Charming is among many retailers who have noticed a slight sales slowdown since mid-July.
Slater wrote that, as the weather cools and sales reaccelerate against easy comps from a year ago, Charming should begin to benefit "meaningfully from improving comp-store sales and more favorable expense leveraging. We have a high degree of confidence in Charming’s ability to meet or exceed our current back-half of the year estimate, excluding the chance of a double-dip recession." He concluded that Charming is positioned to outperform most other retail names in the foreseeable future.
Bern reaffirmed earnings per share of 11 cents for the second half and EPS of 44 cents for the full year ending on Feb. 1, 2003.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)