NEW YORK — Citing strong response to its current assortments, Mothers Work Inc. delivered a 6.3 percent increase in June same-store sales.
Comps for the third quarter rose 4.1 percent while total sales for the period ended June 30 rose 17.9 percent to $122.6 million from $104 million a year earlier.
The Philadelphia-based operator of nearly 900 maternity stores said June total sales increased 19.9 percent to $38.8 million from $32.4 million a year ago. MW also said overall inventory levels at the end of the month were just slightly higher than a year earlier and gross margins continue to improve.
Rebecca Matthias, president and chief operating officer, said in a statement, "We continue to realize meaningful gross margin increases over last year, primarily due to our success at reducing product costs through our aggressive sourcing initiatives."
The majority of the retail industry is expected to report monthly sales results for June on Thursday. Among those filing later this week are Wal-Mart Stores and Federated Department Stores. Both canceled their weekly sales updates because of the upcoming monthly report.
Though not reporting monthly sales, this past Monday Minneapolis-based Christopher & Banks Corp. said thattrading in its shares would move to the New York Stock Exchange from the Nasdaq on July 27, when its ticker symbol will become CBK. The specialty retailer has approximately 25.5 million shares of common stock outstanding
To celebrate the listing, Bill Prange, chairman and chief executive, will ring the NYSE opening bell that morning.
"We expect that the listing will provide our company with a more visible presence in the financial community and give our stock increased liquidity as well as reduced volatility," Prange said in a statement.
In a separate development, Standard & Poor’s lowered by one notch its corporate credit and senior unsecured ratings on May Department Stores Co. to "A" from "A plus." The downgrade reflects May’s below-average operating performance compared with that of its peers for the last two years, S&P said. S&P also affirmed its "A-1" commercial paper rating for the company’s $4.7 billion in outstanding debt as of May 4. In all cases, May’s outlook remains stable. According to S&P, the "A" rating indicates a company has "a strong capacity to meet financial commitments, but is somewhat susceptible to adverse economic conditions and changes in circumstances." The plus or minus is used to make relative differentiations within ratings groups.Overall, the day reversed course following Friday’s surge. Stocks found themselves once again in negative territory after questions about billions of dollars in revenues booked by drug giant Merck & Co. reignited investors’ accounting jitters. Lackluster results from Alcoa Inc., the world’s top aluminum producer, also depressed prices. The Dow Jones Industrial Average was off 104.60 points, or 1.1 percent, at 9,274.90, after having chalked up its biggest percentage gain in more than nine months on Friday. The Nasdaq Composite Index was down 42.68 points, or 3 percent, at 1,405.68, while the Standard & Poor’s 500 crept ahead 1.3 points, or 0.4 percent, to 325.11.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion