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.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)