In November, upon the release of its third-quarter results, the company said it expected improvement in same-store sales and gross margins during the current fourth quarter, both sequentially and year over year. It also forecast a reduction in selling, general and administrative expenses in comparison to the fourth quarter of 2012 and year-end inventories of about $2.85 billion.
In the third quarter, comparable-store sales declined 4.8 percent and gross margin, pressured by clearance activity, descended to 29.5 percent of sales from 32.5 percent in the prior-year quarter.
The fourth quarter of 2012 was an especially difficult and decisive one for the Plano, Tex.-based company as comps fell 31.7 percent, part of a 28.4 percent reduction in overall sales, and gross margin contracted to 23.8 percent of sales from 30.2 percent in the fourth quarter of 2011.
Penney’s reported fourth-quarter results on Feb. 27. Ron Johnson was ousted as chief executive officer of the company in April and succeeded by Myron “Mike” Ullman 3rd, his predecessor as Penney’s chief.
Shares of Penney fell 8.4 percent, to $7.50, prior to the opening of the equity markets Wednesday.
Etro’s show, titled “The Tree of Life,” was a celebration of the house’s 50th anniversary. “My father founded the company in 1968, which was the year of counterculture and psychedelia. It’s really a show that celebrates that and the paisley design of India and its origin,” said Veronica Etro. #wwdfashion #mfw #ss18 (📷: @delphineachard)
For @msgm’s spring 2018 show, creative director @massimogiorgetti said “Words, sounds, colors. Synthesis and therapy of a collection,” were the inspirations behind the collection, showing today. Read the rest of Milan spring 2018 inspirations on WWD.com. #mfw #wwdfashion #ss18
For her first solo album in over 10 years, Fergie tapped Carine Roitfeld, Mert and Marcus, Giovanni Bianco and more to create a fashion-focused video approach for the record, Double Dutchess. "Giovanni really helped me get back in touch with my tomboy side, my hardside," said the singer. #wwdeye #wwdfashion ( : @slovekinpics)
“Volumes and Graphic Art of the Nineties are the main inspirations of the new Aquilano.Rimondi SS 2018 collection,” said cocreative directors Tommaso Aquilano and Roberto Rimondi. #wwdfashion #mfw #ss18