Shares of Stein Mart Inc. fell 8.3 percent to $6.40 in midmorning trading today as investors digested fourth-quarter results, which took a hit as the retailer tried to move away from coupons. Net profits fell 70 percent to $5.7 million, or 13 cents a share, from $18.8 million, or 42 cents, a year earlier. Adjusting for asset impairment and store closing charges, earnings totaled 15 cents a share and missed analyst estimates by 4 cents. Sales for the quarter ended Jan. 28 slipped 2.5 percent to $328.1 million from $336.7 million. For the full year, Stein Mart's net profits fell 59 percent to $19.8 million on a 1.8 percent decline in sales to $1.16 billion. "Sales results drove our fourth-quarter and full-year bottom line lower than last year," said Jay Stein, chairman and interim chief executive officer. "While we were disappointed, we are determined to return to the everyday low prices that built this company. We were conservative in planning our January receipts. This leaves us in a slightly better inventory position as we enter 2012 but unfortunately impacted our end of year sales." Stein added that the company was working to "find the right promotional balance with our efforts to reduce reliance on coupons to drive store traffic." Stein took the reins as interim ceo in September, when David Stovall Jr. retired. The company said its gross profit rate would fall this year as it tweaks its pricing strategy.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim