DUPONT LIFTS FORECAST: In a sign that the overall economic environment is proving to be a touch brighter than had been expected, DuPont last week said it expects its second-quarter results to beat analysts' estimates by as much as 21.8 percent. This...
DUPONT LIFTS FORECAST: In a sign that the overall economic environment is proving to be a touch brighter than had been expected, DuPont last week said it expects its second-quarter results to beat analysts' estimates by as much as 21.8 percent. This marks the second consecutive quarter that DuPont has boosted its financial outlook.The Wilmington, Del.-based industrial giant said it expects underlying earnings for the quarter to come in between 64 and 67 cents a share, ahead of the 56-cent First Call consensus. For comparison, the company reported underlying earnings of 41 cents a share in last year's second quarter."Underlying earnings" is a term DuPont uses to describe what its financial results would have been without one-time charges, which are usually related to restructuring activities and can be substantial. Analysts also tend to factor out one-time events in making their earnings forecasts. In the first quarter, for instance, DuPont said underlying earnings per share were 55 cents, leaving out 7 cents a share worth of expenses--$73 million dollars aftertax on a net basis. Actual net income for the quarter was $479 million, or 48 cents a diluted share, down 3.2 percent from a year earlier.Last year, one-time items--including DuPont's sale of its pharmaceuticals business--more than tripled its reported net income to $4.16 a share versus $1.19 a share in underlying income.Fiber and fabric executives in recent months have reported somewhat of an uptick in first-half business, following a weak period in late 2001 and 2002, when retailers and suppliers were aggressively reducing inventories because of fears that consumer buying would drop precipitously.DAN RIVER KEEPS LISTING: The New York Stock Exchange last week confirmed that Dan River Inc.'s stock had met the NYSE listing requirements. In March, the exchange had warned the Danville, Va.-based mill that it risked being delisted if its shares fell below the $1 mark for 30 consecutive days.On Monday, Dan River shares closed at $5.14, down 30 cents. That's up substantially from a low of 18 cents reached in February.As a result, the company will not go ahead with the reverse stock split authorized by its shareholders at its April annual meeting. At the end of the first quarter, the company had 21.8 million shares outstanding.The bankruptcy filings of Burlington Industries, Guilford Mills and Galey & Lord drove textile stocks down substantially late last year and early this year; all three issues were delisted by the NYSE following their filings. Other mills retaining their place on the NYSE include Cone Mills Corp. and Delta Woodside Industries, which closed Monday at $2.86 and $2.25, respectively.UNIFI GOES EAST: Greensboro, N.C.-based yarn manufacturer Unifi Inc. established an Asian subsidiary that will handle sales and marketing in the Far East. The new arm is called Unifi Asia Ltd. and is based in Hong Kong."Asia is a strategic area of focus for the company and the central location of this new entity will enable us to drive sales of Unifi yarn throughout the entire region," said Mike Delaney, senior vice president of Unifi. "We believe the unique comfort, fashion and performance benefits of our yarn will provide a competitive advantage to manufacturers and customers sourcing from the region."John Walker has been named president of the unit. He came to Unifi Asia from Li & Fung (Trading) Ltd., the Hong Kong-based global sourcing and full-garment production company. From 1973 until 1975, Walker served as vice president of international sales for Unifi. In his new post, Walker will report to Unifi president and chief executive Brian Parke.Brian Moore will serve as vice president of the Asian operation. He was most recently director of Unifi's Six Sigma, a management program that focuses on improving operational efficiency.CONE HIRE: Kara Nicholas has assumed the role of vice president of new product development and marketing at Greensboro, N.C.-based Cone Mills Corp. She succeeded Ken Girouard, who left the company in May to become vice president and creative director for denim at Gap Inc., as reported.Nicholas has been with Cone since 1999, when she joined the company as a product manager. Most recently at Cone, she was director of new product development for specialty retailers. Prior to her responsibilities at the 111-year-old textile manufacturing company, Nicholas worked in production and merchandising for vendors such as Armani Exchange, J. Crew and Armani Jeans.Tom McKenna, Cone's executive vice president of merchandising and marketing said of Nicholas's work on open-line denim: "Her leadership of our development efforts for specialty retailers has helped turn that segment into our fastest-growing market."SIMONS LEAVES DOGI: Virgil Simons, who was general manager at Dogi International Fabrics USA, stepped down from his post June 24. Simons said he will focus on growing prostate-online.com--a nonprofit educational foundation for prostate cancer information that he started eight years ago."There's a lot more psychological and emotional satisfaction out of it," Simons said. "The idea of saving lives is more compelling than just finding a new brassiere. It's a way to make an impact on people's lives."Simons said his position at Dogi, which he held for 2 1/2 years, will not be filled. Dogi is a Barcelona, Spain-based textile manufacturer of elastic fabrics for intimate apparel and swimwear.
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
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