The Wet Seal Inc. said Thursday that, despite tight inventory and expense controls, fourth-quarter profits eroded 64.8 percent.Additionally, despite the Arden B. division’s 32.1 percent decline in same-store sales during the period, Wet Seal has no plans to get rid of the operation.For the period ended Jan. 31, net income fell to $4.3 million, or 4 cents a diluted share, from $12.2 million, or 13 cents a share, in the year-ago period. Excluding impairment charges and benefits from unredeemed store credits, gift cards and gift certificates, net income was 9 cents a share, 2 cents better than analysts expected. Revenue receded 13.7 percent to $154.9 million, including “breakage” benefits of $300,000, from $179.6 million, including benefits of $3.7 million, last year. Comparable-store sales slid 13.4 percent, as Arden B.’s decline was offset by an 8.6 percent drop at the company’s namesake unit.Edmond Thomas, chief executive officer, said on the company earnings call that Wet Seal “may accelerate store closures” at Arden B., leases of which are up in four to five years, but denied plans for its closure. Pointing to improvements in the brand’s pricing strategy, cost structure and inventory, Thomas assured analysts, “We have no plans to dispose of this division or close this division.” Net income for the year jumped 29.8 percent to $30.2 million, or 30 cents a share, versus $23.2 million, or 23 cents, a year earlier. Sales declined 3 percent to $593 million from $611.2 million in the prior year. The Foothill Ranch, Calif.-based retailer said it expects first-quarter EPS between 2 cents and 6 cents on sales of $131.2 million to $137.5 million, including a comp decline of 3 percent to 8 percent. The company will open one Wet Seal store and close two Arden B. stores during the quarter, but said it expects its store count to remain flat or decline slightly for fiscal 2009.
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
“I genuinely fell in love with water, I fell in love with Fiji, I fell in love with the whole life that we lived for those few months,” says @mrsamclaflin of filming for his new movie “Adrift” with @shailenewoodley. The 31-year-old actor spoke with WWD about his upcoming projects, meeting Jamie Dornan and working with co-star Woodley. #wwdeye (📷: @jamstoker)
3 years ago, fans of the late singer Aaliyah started calling for a collaboration with @maccosmetics. With the strength of social media — including mock ups of products — 25,000 people signed a Change.org petition for a limited-edition collection, and MAC couldn’t ignore the buzz. Tomorrow, MAC will unveil MAC x Aaliyah, a tribute to the singer who passed away nearly 17 years ago. Head to our stories to preview the new collection, which was worked on by Aaliyah’s family and inspired directly by her makeup bag. #wwdbeauty
Artistic director @clarewaightkeller will be dedicating @givenchyofficial’s fall 2018 couture show in Paris on July 1 to house founder Hubert de Givenchy, who passed away in March at age 91. Givenchy said the collection would be “an homage to his iconic creations, technique, and personal lexicon” and a “celebration of his timeless elegance and grace.” Head to WWD.com to read more. #wwdfashion (📷: Delphine Achard)
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)