Claire’s Stores Inc. said Jim D. Fielding has resigned as chief executive officer.
This story first appeared in the April 2, 2014 issue of WWD. Subscribe Today.
He will be replaced by Beatrice Lafon, the current president of Claire’s Europe, effective Wednesday.
Lafon said, “As president of Claire’s Europe over the last three years, I have operated a multinational business across 15 countries in a challenging macroeconomic environment. As ceo, I look forward to creating value by leveraging best practices, by maximizing the unique talents of both our North American and European teams, as well as by harnessing the strength of our sourcing teams based in Asia.”
The disclosure came as the teen accessories chain posted fourth-quarter results, in which the company said net income for the three months ended Feb. 1 fell 82.4 percent to $7.4 million from $42.2 million. Net sales fell 11.7 percent to $435.5 million from $493.4 million. The company said consolidated same-store sales fell 10.7 percent for the quarter, with North American same-store sales falling 12 percent and European same-store sales down 8.5 percent.
For the year, the tween and teen accessories chain posted a net loss of $65.3 million against net income of $1.2 million in 2012. Net sales fell 2.8 percent to $1.51 billion from $1.56 billion.
The company in May said it planned to raise $100 million in an initial public offering, and so far is still waiting in the wings.