Saks Fifth Avenue plans to step up the "Want It!'' marketing campaign to highlight key items and trends in local markets, Stephen I. Sadove, Saks Inc.'s chairman and chief executive officer, said Wednesday at the retailer's annual stockholders' meeting.
NEW ORLEANS — Saks Fifth Avenue plans to step up the "Want It!'' marketing campaign to highlight key items and trends in local markets, Stephen I. Sadove, Saks Inc.'s chairman and chief executive officer, said Wednesday at the retailer's annual stockholders' meeting.
The campaign will concentrate advertising dollars on local media because it is "more important to give customers in each of the…markets a better idea of what's available to them because each store has a different emphasis," Sadove said during the meeting at Harrah's Casino Hotel here.
The gathering, which drew a few handfuls of stockholders, was held here in recognition of the comeback of SFA's local store, which was ravaged by Hurricane Katrina almost two years ago and didn't reopen until last November.
Sadove said the unit had regained its ranking as one of the company's highest-performing locations, with $50 million in annual sales. Sales average $500 per square foot and volume is heading toward its historic level of 5 percent to 7 percent annual sales growth.
The meeting came after the retailer said last month that it was gaining on competitors and cited strong first-quarter results. Although net profits fell 86 percent in the quarter ended May 5 because of major gains a year ago from department store sell-offs and severance costs as a result of downsizing, operating income grew to $32.6 million in the quarter from $12.2 million a year ago. Comparable-store sales rose a robust 14.4 percent and total sales jumped 15.9 percent, to $792.7 million from $684.1 million.
Sadove restated the goals of reaching 4 percent profit margin this year and boosting that to 8 percent in the next three years, which is still less than the double-digit margins of competitors Nordstrom and Neiman Marcus.
He said SFA was pushing ahead with its annual $125 million to $150 million capital spending plan, focusing on stores in Palm Beach and Naples, Fla.; Phoenix; Chicago; Boston, and San Francisco and Orange County in California. A recently completed renovation of the Beverly Hills store has resulted in major sales gains, particularly in handbags, which were up 70 percent, he said.
The company's Web-based point-of-sale system, intended to provide faster and detailed data on customers and enhance communications with them, is expected to be expanded to 23 stores from 19 by yearend. There is a three-year rollout planned for all 54 SFA units. The company also operates 49 Off 5th units, saks.com and Club Libby Lu.
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)