NEW YORK--Movie Star Inc. reported a third-quarter loss of $1.3 million, against $3.4 million a year ago, when results were hit by a hefty special charge. The company added that it expects a substantial loss in the current fourth quarter. The loss in the year-ago quarter included a $3.8 million charge for the write-down of inventory. In the quarter ended March 31, sales for the company, which manufactures innerwear and men's shirts and operates 25 retail outlets, fell 16.5 percent to $17.3 million from $20.8 million. The company noted that it posted reduced sales at its popular-price intimate apparel division, Sanmark, which last year discontinued maintaining in-stock inventories to accommodate smaller accounts. Movie Star said it continues to mitigate Sanmark's lower sales volume through efforts to increase margins and boost sales of higher margin goods. The company is also working on improving sourcing capabilities. For the fourth quarter, the company anticipates an operating loss exceeding $1.5 million. "However, because of the weak retail environment and the deferral of the receipt of goods previously ordered by certain customers, we cannot presently quantify the full extent of the loss," Mark M. David, chairman and chief executive officer, said in a statement. In last year's fourth quarter, the firm posted an operating loss of $3.2 million and a net loss of $1.9 million. The company added that as a result of the depressed retail climate, its spring selling season was "below expectations and disappointing." David added, "To restore profitability and as part of our overall plan going forward, we intend to make significant reductions in overhead in fiscal 1996." As a result, he said, senior management has "significantly reduced its compensation." Saul Pomerantz, chief financial officer, said in a telephone interview that the company was not yet prepared to give any details on the salary cuts. In the nine months, Movie Star earned $234,000, or 2 cents a share, against a loss of $1.4 million after special items a year ago. Partially offsetting the inventory charge, the loss in the year-ago period came after a $984,000 gain on the sale of plant facilities and on an $861,000 accounting gain. Sales were up slightly to $85.8 million.--Fairchild News Service
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia