J. CREWCUTS: J. Crew Group on Friday in a Securities and Exchange Commission filing revised its fourth-quarter and fiscal 2002 results, increasing its net loss by $9 million to $20.7 million for the quarter, and to $40.6 million for the year. The revision, the filing said, was attributable to the company’s decision to dispose of its inventory at the end of each selling season instead of carrying over excess prior-season merchandise for sale in subsequent seasons. The disposition of excess inventories will be through factory stores, Internet promotions and warehouse sales. The company said its decision was made subsequent to its earnings release issued on March 20, but prior to the filing of its annual report with the SEC. The company booked an additional $9 million as inventory reserves as of Feb. 1 of this year because of the expected decrease in the amount it will ultimately receive for the excess inventories.
This story first appeared in the April 7, 2003 issue of WWD. Subscribe Today.
BRIDAL AT BARNEYS: Barneys New York announced plans to carry Vera Wang Luxe, the designer’s exclusive line of bridal gowns, in its Madison Avenue bridal atelier this fall. This marks the first time Wang’s Luxe line will be carried in New York outside of her Madison Avenue boutique. Barneys is also buying into Wang’s fragrance and eveningwear pieces, which the retailer characterized as “less formal with a modern slant,” and include beaded pants and fur shrugs. Wang’s lines are carried at Barneys’ Chicago and Beverly Hills stores.
JOIN THE CLUB: The former Yugoslav Republic of Macedonia became the 146th member of the World Trade Organization on Friday, following Armenia, which became a member in February. There are currently 26 countries negotiating to become members of the WTO, including Vietnam, Cambodia, Russia and Saudi Arabia. Macedonia is a small supplier of apparel and textiles to the U.S. For the year ended Jan. 31, imports of apparel and textiles were 12.7 million square meters equivalent. Macedonia’s largest apparel export category to the U.S. is cotton nightwear and pajamas, which totaled 4.3 million SME for the year.