NEW YORK — Rowland Schaefer, the 85-year-old chairman and chief executive of Claire’s Stores, has taken a leave of absence from active duty at the stores following a mild stroke that caused "minimal impairment."
NEW YORK — Rowland Schaefer, the 85-year-old chairman and chief executive of Claire’s Stores, has taken a leave of absence from active duty at the stores following a mild stroke that caused "minimal impairment."Schaefer’s daughters Marla Schaefer, 53, and Bonnie Schaefer, 49, co-vice chairwomen, will assume their father’s responsibilities during his absence. The elder Schaefer, who founded Claire’s in 1973, is expected to resume his responsibilities in about six months.Claire’s said that a succession plan had been under development for about two years. Herbert Mines Associates previously had been retained to identify candidates for the post of chief operating officer.Word of the change came on Thursday as Claire’s reported a fivefold increase in third-quarter earnings. The Pembroke Pines, Fla.-based accessories chain said net income for the three months ended Nov. 2 reached $12.4 million, or 25 cents, versus profits of $2.4 million, or 5 cents, in last year’s quarter. The performance beat analysts’ consensus estimates by 4 cents.Sales rose 12.7 percent to $230 million from $204.1 million and same-store sales surged ahead 8 percent.Saying Claire’s business model enabled it to navigate through the challenging environment, Rowland Schaefer said in a statement: "Our testing, ordering and replenishment strategy continues to provide us with the ability to maximize opportunities this season."Optimistic about the holiday season, the firm raised its fourth-quarter earnings outlook to $37 million from last year’s mark of $29.8 million, with comps increasing 4 percent and revenues increasing 9 percent to $305 million from $280 million last year.Claire’s comps rose 5 percent in August, 11 percent in September and 9 percent in October.Claire’s said it is also comfortable with estimates of earnings from continuing operations of $1.48 a share for the full fiscal year, compared with 84 cents last year.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim