SHOPKO SPRUCES AND SOARS: Remodeling makes a difference. ShopKo Stores Inc. says its ongoing refurbishing program has been well received by consumers and is helping profits. The chain reported earnings climbed...
SHOPKO SPRUCES AND SOARS: Remodeling makes a difference. ShopKo Stores Inc. says its ongoing refurbishing program has been well received by consumers and is helping profits. The chain reported earnings climbed 29.4 percent in the second quarter ended Sept. 10, to $2.8 million, or 9 cents a share. The performance topped Wall Street's estimate of 5 cents. In the 1993 quarter, ShopKo, based in Green Bay, Wis., earned $2.1 million, or 7 cents. Sales in the latest quarter rose 7.3 percent to $381.3 million from $355.3 million and same-store sales inched up 0.8 percent. Dale P. Kramer, president and chief executive officer, said the refurbishing program involves a greater focus on apparel and domestics. About two-thirds of Shopko's 122 discount stores will be refurbished by yearend.
NEW PORT FOR OLD NAVY: The Gap is planning to open an Old Navy store on Nov. 15 at Crossgates Commons, in Guiderland, N.Y. The Old Navy unit will be 20,000 square feet. It is The Gap's lowest-priced division, selling casual merchandise at about 30 percent less than Gap stores. Industry sources estimate the division could reach sales of $240 million with a potential of 80 stores. It currently has about 30 stores in operation.
BAD OMENS: Citing slow sales and slim margins, some mass merchants are expecting tough third quarters. Weakened by lower margins, Goody's Family Clothing Corp. said it does not expect third-quarter earnings to meet analysts' estimates. The Knoxville, Tenn.-based company posted a 25 percent sales gain in August, to $53.2 million from $42.5 million, with same-store sales up 8 percent, but said the increase was driven mainly by lower-margin merchandise. Goody's said margin problems were compounded by slower-than-anticipated receipts of fall merchandise. One Price Clothing Stores Inc., Duncan, S.C., said if weak sales trends continue, the company may report a third-quarter loss in the range of 14 to 18 cents a share. Analysts had been estimating profits at 5 to 7 cents a share for the quarter ending Oct. 1. The company added that although sales and earnings have been growing at a rate of 25 to 30 percent for three years, it is going to lower its planned growth to 15 to 20 percent for the next several quarters. One Price earned $614,000, or 9 cents a share, in the third quarter last year on sales of $55.3 million.
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
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye