NEW YORK--Younkers reported third-quarter earnings plunged 44.2 percent on a 4 percent decline in sales, blaming the poor performance on unseasonably warm weather. The department store chain said profits in the quarter ended Oct. 29 were $2.6 million, or 28 cents a share, down from $4.6 million, or 50 cents, a year ago. Sales eased to $146.3 million from $152.4 million. All of the regional chain's 53 stores have been open at least a year, so its comparable-store sales are identical to the overall results. Alan Raxter, Younkers' chief financial officer, told WWD it had not heard from Carson Pirie & Scott since Nov. 8, when Carson stated it would continue pursuing a takeover attempt. So far, Carson's has come up with one offer, on Oct. 27, for $17 a share in cash. Soft sales of higher margin goods, such as wool sweaters and coats, put pressure on Younkers' gross margins, which skidded to 35.3 percent in the quarter, from 36.7 percent. For the nine months, gross margin decreased to 35.7 percent from 36.8 percent. As of Oct. 29, Younkers' inventory stood at $147.7 million, which was above plan due to the sales shortfall in the quarter, but was still 5 percent below year-earlier levels. "I don't see the inventory level having a dramatic impact on our fourth quarter. The main thing driving [department store] sales today is price," said Raxter, predicting the industry's fourth quarter will be more promotional than in the past. Younkers' net income for the nine months fell 13 percent to $3.7 million, or 40 cents, from $4.2 million, or 51 cents. Sales in the period were off 3.6 percent, totaling $397.2 million against $412 million. Nevertheless, Philip Abbenhaus, an analyst at Stifel Nicolaus, St. Louis, remains optimistic about the firm's fourth-quarter prospects, saying, "They can still earn $1 in the fourth quarter if they get favorable weather, so they can still earn $1.40 per share for the year." In fiscal 1993, Younkers' earnings per share were $1.55.
@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