L Brands is still struggling to get back on positive financial ground and investors are getting weary.The operator of Victoria’s Secret, Bath & Body Works and Henri Bendel saw net income fall 45 percent to $138.9 million for the second quarter. Earnings per share fell to 48 cents from 87 cents and sales dropped 4.7 percent to $2.75 billion.Comparable sales including web sales fell by 8 percent, which the company said came in below expectations. Victoria’s Secret dragged down the overall result with a comp-sales decline of 14 percent for the quarter, while Bath & Body comp sales actually increased by 6 percent.A year earlier, comp sales at Victoria’s Secret grew by 2 percent and Bath & body increased 5 percent.Shares of L Brands fell more than 8 percent to $36.60 in after hours trading, one of company’s lowest levels in five years.Executives will go over results with Wall Street analysts on a conference call Thursday. L Brands’ first quarter also showed sharp declines, with comps dropping 9 percent.The company has consistently posted declines this year, citing its decision last spring to exit swimwear and most apparel from Victoria’s Secret and abandon its well-known catalogue business.After using that same reasoning to explain a drop in June sales, Wall Street analysts began to question the company’s forecast of 10 percent growth in operating income for the full year.L Brands' chairman and chief executive officer Leslie Wexner took the reins of Victoria's Secret early last year and started shaking things up.“Fashion retailing is one of change,” Wexner told investors in November meeting. “When you catch the wind, the cycles last eight or 10 years and then you have to constantly say, ‘How do I change this?’”He argued L Brands was at “inflection point.”“We had to make changes and in hindsight, the changes that we have made I wish we had taken those actions two years ago, or three,” he said. “In hindsight, there was ample opportunity to change things dramatically.”For more, See:Coach Builds Brand Portfolio; Eyes International GrowthUrban Outfitters CEO Says ‘Execution’ to Blame for Poor Q2Target Sees Traffic Gains, Touts Growth Initiatives
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.