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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty