A LOWER GUESS: Guess Inc. Wednesday warned that its third-quarter earnings would likely come in below analysts’ forecasts and last year’s levels. The Los Angeles-based firm said that it expects diluted earnings per share for the quarter...
A LOWER GUESS: Guess Inc. Wednesday warned that its third-quarter earnings would likely come in below analysts’ forecasts and last year’s levels. The Los Angeles-based firm said that it expects diluted earnings per share for the quarter ended Sept. 28 to fall in the range of 6 cents to 8 cents, including a 5-cents-per-share gain related to resolution of a lawsuit. Excluding that gain, the company said, earnings would be around 1 to 2 cents a share, which is below the 7-cents-per-share Thomson Financial/First Call consensus. Analysts typically factor one-time items like the 5 cent gain out of their forecasts. The company also noted that sales for the quarter were off 0.6 percent, to $94.9 million, with comparable-store sales down 5.4 percent. Guess also noted that it obtained a new $85 million asset-backed credit line from Wachovia Securities.
ACCOUNTING FOR SEARS: In consultation with the Securities and Exchange Commission, Sears, Roebuck & Co. modified a previous change in accounting principle, making it instead a change in estimate. The switch to a change in estimate from accounting principle will increase Sears’ first-quarter profits by $191 million, or 59 cents per share, and reduce second-quarter net income by the same amount. The retailer, when releasing second-quarter results in July, had retroactively applied an aftertax charge of $191 million related to uncollectible accounts in the credit business to the first quarter.
JONES TAKES BACK GV CAREER: Jones Apparel Group Inc. will take control of the Gloria Vanderbilt career collection, ending a licensing agreement with Tracy Evans Ltd., a moderate maker, on Dec. 31. Jones requested the termination in order to better integrate the brand into its moderate portfolio and, starting in January, the company will move the career division of the line to Jones’ showrooms at 1411 Broadway. Peter Boneparth, president and chief executive of Jones, said Wednesday that taking control of the career line and moving it to the home showroom is consistent with the company’s goal of having all of the moderate brands housed together. Jonesacquired Vanderbilt in March.
SIMON’S VISA: The Simon Property Group Inc., the nation’s largest mall developer, said it will roll out its pre-paid Simon Visa Gift Card to all its malls in 2003. It’s been tested in four malls, and will be operational in 47 by the end of this year. Unlike other gift cards, it enables holders to check the balance online, through a toll-free number or at a participating Simon mall. The Simon Visa Gift Card can be used at any store or restaurant that accepts Visa.
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)