NEW YORK — Loehmann’s Holdings Inc. nearly doubled its third-quarter profits on double-digit increases in net and same-store sales.
In the three months ended Nov. 2, net income skyrocketed 90.5 percent to $5.4 million, or 73 cents a diluted share, from $2.8 million, or 41 cents, in the comparable quarter last year. Sales rose 13.3 percent, to $94.7 million from $83.6 million, and were up 12.1 percent on a comparable-store basis.
"The second consecutive quarter of double-digit comp-store sales increases maintains the momentum built early in the year and reflects our ability to continually offer our customers high-quality labels at a great value," said Robert Friedman, chief executive officer. "Importantly, we experienced strong increases across all categories, with particular strength exhibited by our Back Room assortment of designer and bridge apparel as well as in our coat, sweater, shoe and men’s departments."
Friedman added that strong earnings and cash flow allowed the company to redeem $15 million of the $26.4 million 11 percent senior notes outstanding, "which will result in significant interest savings going forward."
During the quarter, the Bronx, N.Y.-based retailer opened a 25,000-square-foot store in Denver, replacing a 15,000-square-foot unit in that market, and opened a 28,000-square-foot store in Oak Brook, Ill. It currently operates 44 off-price specialty stores in 16 states.
Year-to-date, Loehmann’s net income more than tripled, to $12.2 million, or $1.67 a diluted share, from $3.9 million, or 58 cents, in the comparable period last year. This year’s profits include a pre-tax gain of $3.9 million from the sale of its headquarters in the Bronx, which added 36 cents to earnings per share. Sales rose 10.5 percent, to $263.4 million from $238.3 million, and were up 10.1 percent on a comp basis.
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
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Exclusive: @viktorandrolf are teaming up with @Zalando on a collection made from leftover clothing. The lineup, which lands at the retailer February 1, includes 17 pieces adorned with sliced up and repurposed overstock from the retailer’s private label collection. Pictured here is a look from the collection –– see more on WWD.com. #wwdfashion #wwdnews
@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)