Valentino Net Profits Jump 28.1% MILAN — Valentino Fashion Group SpA posted a double-digit jump in first-quarter net profits on swifter sales of its Valentino and Hugo Boss brands.
Net profits for the three months ended March 31 rose 28.1 percent, to 41.5 million euros, or $49.8 million. Sales for the period advanced 13.5 percent, to 588.5 million euros, or $706.2 million.
All euro figures have been converted from dollars at average exchange rates for the period.
Valentino Fashion Group was formed when Marzotto SpA spun off its fashion assets into a new entity and listed it on the Milan Stock Exchange last July. Since the company didn’t exist in its current form in the first quarter of last year, 2005 comparative figures are pro forma.
Hermes Reports 8.8% Sales Increase PARIS — A nose shy of its luxury peers, Hermès International said Thursday its first-quarter sales galloped ahead 11.3 percent to 361.5 million euros, or $435 million. At constant exchange rates, the increase stood at 8.8 percent.
While the results were in line with expectations, Hermès was held back by production glitches in ready-to-wear and watches, which resulted in flat sales in those categories for the three months ended March 31. A slim 4.1 percent rise for high-margin handbags and luggage also disappointed analysts. Hermès blamed the slim increase on the discontinuation of a canvas line, which was seen as a threat to its upscale image.
Bulgari First Quarter Sales Soar MILAN — Growth of the jewelry and watch categories across all geographical markets helped boost Bulgari’s first-quarter performance and drove chief executive officer Francesco Trapani to express optimism and expectations of “an 8 to 9 percent growth” for the year.
Bulgari’s net profits in the first quarter rose 19 percent, to 18.2 million euros, or $21.8 million, compared with the same period in the previous year, as sales grew 13.6 percent, to 203.9 million euros, or $244.7 million. At constant exchange rates, sales would have grown 11.9 percent. All dollar figures are at the average exchange rate.
“The results achieved through this first quarter of the year in all product categories and in all countries make me optimistic also for the forthcoming months and confirm that we are going in the right direction,” said Trapani in a statement issued on Thursday. “In accordance with the guidance given to the market at the beginning of the year, in fact, I expect for 2006 — without extraordinary events — an 8 to 9 percent increase at comparable exchange rates for turnover and net profits.” J.C. Penney Reports 22.1% First Quarter Profit Gain NEW YORK — J.C. Penney Co. Inc. on Thursday posted a 22.1 percent jump in first-quarter profits.
Earnings for the three months ended April 29 were $210 million, or 89 cents a diluted share, compared with $172 million, or 63 cents, in the same year-ago quarter. The company beat Wall Street’s consensus estimates by 1 cent. The quarter included a charge related to the sale of its Eckerd business in July 2004. Excluding the charge, the company on a continuing operations basis earned 90 cents in the quarter.
Sales were $4.2 billion versus $4.1 billion a year ago, while comps rose 1.3 percent.
Urban Outfitters Posts Decline NEW YORK -- Urban Outfitters Inc. on Thursday said that first-quarter income fell by 26 percent, but the decline was due in part to heavy markdowns of seasonal merchandise and same-store sales declines at its Anthropologie and Urban Outfitters’ nameplates.
For the three months ended April 30, income was $20.3 million, or 12 cents a diluted share, compared with $27.4 million, or 16 cents, in the same year-ago quarter. Sales rose 16.7 percent to $270 million from $231.3 million. The cost of sales, which included certain distribution and occupancy costs, increased by 29.6 percent for the period to $173.2 million from $133.7 million. The company’s inventories grew by 24 percent on a year-over-year basis to stock new stores. So far, the retailer opened five new Urban stores, and three new Anthropologie sites. The company plans to open an additional 27 to 30 stores during the balance of the fiscal year.
@beyonce chose a custom gown by @falgunishanepeacockindia for mother @mstinalawson 's second annual Wearable Art Gala last night. The gown, which took 10 days to make, was inspired by Nubian warrior queen Amanishakheto. Reporting by @hernameislex . #wwdeye 👑 🐝#beyonce
After dressing @justintimberlake for his Super Bowl halftime performance last month, @stellamccartney has designed the star’s "Man of the Woods" tour wardrobe. Timberlake will be wearing a mix of pieces from McCartney’s fall men's collection as well as custom designs and items from his own closet. #wwdfashion
@carmeloanthony is upping his fashion game once again, introducing a hat collection with @goorinbros. Called Fresh Greens by Melo x Goorin, the line consists of five unisex models, all of which are made in America from 100 percent wool. Each hat is lined with Anthony’s signature and the inscription “Knowledge of self, wisdom and understanding.” You can purchase the collection line at Goorin’s website as well as three off its stores in San Francisco, New York City and Las Vegas #wwdaccessories
“I am of tradition, but that doesn’t mean I have an old outlook on life,” Hubert de Givenchy told WWD in an interview in 1978. The legendary designer, who died last week at the age of 91, achieved wide success soon after launching his own couture boutique in the early ’50s, but he refused to pine for that time. For the first time since its original publication, read our interview with Givenchy on his awe for Audrey Hepburn and looking forward. Link in bio. #wwdarchives #fbf (📷: Pierre Schermann)
About last night: @alexachung and @supergausa toasted the launch of their capsule collection. “It’s the shape that I love, so rather than amend the last and make the sole crazy or do anything wild, we just did really subtle additions that I think make it look really luxe-y,” said Chung. #wwdfashion (📷: Marc Patrick)
Exclusive: @off____white’s @virgilabloh is launching an exclusive eyewear capsule collection @sunglasshut. The unisex collection, which is made up of three styles, first made its debut on the brand’s fall runway show in Paris. Get all the details on WWD.com – link in bio. #wwdnews #wwdfashion