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.
“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