Sears Holdings Corp. expects to post better adjusted financial results for the fourth quarter.The embattled retailer provided an update in a regulatory filing Thursday with the Securities and Exchange Commission. The filing came in connection with a private exchange offer for certain bonds, a move the company said was being contemplated last month.For the quarter ended Feb. 2, Sears said its adjusted results would range from earnings before interest, taxes, deprecation and amortization of up to $10 million to a loss of $10 million on the same basis. That compares with losses of $61 million from a year earlier.Sears touted in the filing that the improvement is due to restructuring actions taken in 2017. Those actions include the closure of around 330 Kmart and Sears stores. There were also a series of loans from the hedge fund ESL Investments, which is run by Sears chairman and chief executive officer Edward S. Lampert.Wednesday’s regulatory filing also said the company expects total revenues of $4.4 billion for the quarter, compared with $6.1 billion in the same quarter of 2016. Comparable-store sales for the quarter fell 15.6 percent — down 18.1 percent at Sears Domestic stores and off 12.2 percent at Kmart stores.The declines came during a holiday sales season that was generally a solid one for retailers after a long slog through 2017.Sears expects to post fourth-quarter net income of $140 million to $240 million, which includes a noncash tax benefit of $445 million to $495 million connected with tax reform, and a noncash impairment charge related to the Sears trade name of between $50 million and $100 million. The same 2016 quarter saw Sears post a net loss of $607 million.Lampert has been trying to transform the operation to a “less asset-intensive business model, with a store footprint and digital capabilities meeting consumer needs and preferences,” the filing said.The company is slated to hold its 2018 annual meeting of stockholders on May 9.
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.
@beyonce chose a custom gown by @falgunishanepeacockindia for mother @mstinalawson 's second annual Wearable Art Gala last night. The gown, which took 10 days to make, was inspired by Nubian warrior queen Amanishakheto. Reporting by @hernameislex . #wwdeye 👑 🐝#beyonce
After dressing @justintimberlake for his Super Bowl halftime performance last month, @stellamccartney has designed the star’s "Man of the Woods" tour wardrobe. Timberlake will be wearing a mix of pieces from McCartney’s fall men's collection as well as custom designs and items from his own closet. #wwdfashion