Spring bags from Michael Kors featured in The Walk campaign.
Michael Kors Holdings Ltd. posted a loss and saw sales decline by 11.3 percent in the fourth quarter, but managed to beat Wall Street's estimates.For the three months ended April 1, the net loss was $26.8 million, or 17 cents a diluted share, against net income of $177 million, or 98 cents, a year ago. Excluding certain charges, adjusted diluted EPS for both quarters were 73 cents versus $1.02 a year ago.Net revenues for the quarter were down 11.2 percent to $1.06 billion from $1.20 billion, which includes an 11.3 percent slide in net sales to $1.03 billion from $1.16 billion. The balance of revenue was from licensing income. The company said retail net sales increased 0.5 percent to $575.3 million, which was attributed to 159 net new store openings since the fourth quarter of fiscal 2016. Comparable store sales fell 14.1 percent. By region, sales fell 18 percent to $721 million in the Americas; and 15.3 percent to $215.2 million in Europe. In Asia, sales jumped 96.3 percent to $128.6 million.Wall Street was expecting diluted EPS of 70 cents on a revenue estimate of $1.05 billion.Shares of Michael Kors fell 10.1 percent to $32.62 in late morning trading at 11:18 a.m.John D. Idol, chairman and chief executive officer, said, "Fiscal 2017 was a challenging year, as we continued to operate in a difficult retail environment with elevated promotional levels. In addition, our product and store experience did not sufficiently engage and excite consumers."Idol said the company knows it needs to take further steps to "elevate the level of fashion innovation" in its accessories assortments and enhance its store experience to "deepen consumer desire and demand for our products."He also said that company is looking at right-sizing its store fleet, and plans to close between 100 to 125 stores over the next two years. The ceo called fiscal 2018 a "transition year in which we establish a new baseline before returning to long-term growth."For the first quarter of fiscal 2018, the company guided total revenue to between $910 million and $930 million, on diluted EPS in the range of 60 cents to 64 cents.For fiscal 2018, the company forecasts total revenue at $4.25 billion, on diluted EPS of between $3.57 to $3.67.Separately, the company repurchased 6.6 million shares during the fourth quarter. As of April 1, 2017, the company had fully utilized the previously authorized amount under the share repurchase program. On May 25, 2017, the company's board authorized a new $1 billion share repurchase program.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews