In Japan, Onward said that it had seen success with new sales channels, including its online business.
The company also said that despite an aggressive international expansion plan, apparel sales outside of Japan had fallen far short of its forecasts. It attributed this to a rapid deceleration in consumer spending brought on by a deteriorating global economy and political uncertainties.
Onward also released its guidance for the current fiscal year, ending Feb. 28, 2014. The company expects net profit will grow 11 percent to 5 billion yen, or $52.75 million at current exchange rates. It predicts operating profit will increase by 15.3 percent to 12.9 billion yen, or $136.10 million. Onward is forecasting a 5.7 percent sales increase for the year, with net sales to total 273 billion yen, or $2.88 billion.
Peter Kim's Los Angeles-based premium denim line has always had its finger on the pulse of youth. This season, novelty is back in a way reminiscent of early Aughts, with studs, lace-ups, racing waxed denim and more. For more highlights if some of the key brands at the Vegas trade shows, go to WWD.com. #wwdfashion (📷: Patrick Gray; Styled by @thealexbadia; Story by @karihamanaka and @marcy_wwd)
"I was driving back on Saturday afternoon from the beach, and I just saw this sign saying 'Skydiving for $95.' And I was like, I can't not sky dive for $95," says Tom Bateman about a moment in Hawaii while shooting "Snatched." #wwdeye (📷: @vsteves; Interview by @ktauer; Styled by @thealexbadia)