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Dillard's Reports Record First Quarter Earnings: 2013
- Published 05/16/2013
Highlights of the Company's Performance
- A 27% increase in first quarter earnings per share compared to the prior year (excluding certain items described below)
- A 1% increase in comparable store sales
- Merchandise gross margin improvement of 110 basis points of sales
- A decrease in operating expenses of $3.0 million or 20 basis points of sales
- A 39% increase in cash flow from operations to $136.9 million compared to $98.5 million
- Repurchase of $114.7 million (1.4 million shares) of Class A Common Stock
First Quarter Results
Dillard's reported net income for the 13 weeks ended May 4, 2013 of $117.2 million, or $2.50 per share. Included in net income is a net after-tax credit totaling $4.4 million ($0.09 per share) comprised of the following three items:
- A $7.6 million after tax gain ($0.16 per share) related to the sale of an investment
- A $1.0 million after tax credit ($0.02 per share) related to a pension adjustment
- After-tax asset impairment and store closing charges of $4.2 million ($0.09 per share)
Excluding this credit, Dillard's would have reported record first quarter net income of $112.8 million ($2.40 per share) and a 27% improvement over the prior year's record first quarter earnings per share. Dillard's reported net income for the prior year first quarter, the 13 weeks ended April 28, 2012, of $95.0 million, or $1.89 per share.
Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are reporting a strong start to 2013 in spite of unseasonably cool weather. Positive comparable stores sales and gross margin expansion combined with good expense control led to another quarter of record profitability at Dillard's. We were also pleased with our strong cash flow, which enabled us to repurchase $114.7 million of Class A Common Stock."
Net sales for the 13 weeks ended May 4, 2013 were $1.549 billion and $1.549 billion for the 13 weeks ended April 28, 2012. Net sales include the operations of the Company's construction business, CDI Contractors, LLC ("CDI").
Total merchandise sales (which exclude CDI) for the 13-week period ended May 4, 2013 were $1.530 billion and $1.522 billion for the 13-week period ended April 28, 2012. Merchandise sales in total and comparable stores increased 1% for the 13-week period ended May 4, 2013 following a 5% comparable store sales increase in the prior year first quarter.
Sales trends were strongest in ladies' accessories and lingerie and juniors' and children's apparel. Sales were weakest in the home and furniture category. Sales trends were strongest in the Central region, followed by the Eastern and Western regions, respectively.
Gross margin from retail operations (which excludes CDI) improved 110 basis points of sales to 39.9% for the 13 weeks ended May 4, 2013 compared to 38.8% for the prior year first quarter. Consolidated gross margin for the 13 weeks ended May 4, 2013 improved 130 basis points of sales to 39.5% from 38.2% during the prior year first quarter. Inventory increased 3% at May 4, 2013 compared to April 28, 2012.
Selling, General & Administrative Expenses
Selling, general and administrative expenses ("operating expenses") were $390.2 million (25.2% of sales) and $393.2 million (25.4%) during the 13 weeks ended May 4, 2013 and the 13 weeks ended April 28, 2012, respectively. Decreases in advertising expense were offset by increases in selling payroll expense. The Company also recorded a $1.5 million pretax credit to pension expense ($1.0 million after tax or $0.02 per share).
Sale of Investment
During the thirteen weeks ended May 4, 2013, the Company sold its investment in Acumen Brands, an eCommerce company based in Fayetteville, Arkansas. The sale resulted in a pretax gain of $11.8 million ($7.6 million after-tax or $0.16 per share) that was recorded in gain on disposal of assets.
During the quarter ended May 4, 2013, the Company repurchased 1.4 million shares of stock for $114.7 million of Class A Common Stock at an average price of $79.12 per share under the Company's 2013 and 2012 stock plans.
Total shares outstanding (Class A and Class B Common Stock) at May 4, 2013 and April 28, 2012 were 46.3 million and 49.1 million, respectively.
During the first quarter of 2013, the Company closed its Cache Valley Mall location in Logan, Utah (94,000 square feet). Dillard's has announced the upcoming closure of its Randolph Mall location in Asheboro, North Carolina (60,000 square feet). The store is expected to close during the second quarter of 2013.
At May 4, 2013, the Company operated 283 Dillard's locations and 18 clearance centers spanning 29 states and an Internet store at www.dillards.com
. Total square footage at May 4, 2013 was 50.9 million.
Estimates for 2014
The Company is providing the following estimates for certain financial statement items for the fiscal year ending February 1, 2014 based upon current conditions. Actual results may differ significantly from these estimates as conditions and factors change - See "Forward-Looking Information".
The Wet Seal Changes Date for First Quarter Earnings Conference Call
- Published 05/15/2013
Dillard's, Inc. to Report First Quarter 2013 Results
- Published 05/14/2013
The Wet Seal Announces 1st Quarter Fiscal 2013
- Published 05/9/2013
Fiscal First Quarter 2013
|Comparable Store Sales|
|Net Sales||% Change|
|% Change From|
|$ in Millions||Last Year||This Year||Last Year|
E-commerce sales, which are not a component of comparable store sales, increased 4.6% for the period.
"We experienced significant improvement across the business as the quarter progressed," said
"As of quarter-end, we estimate total inventory dollars per square foot decreased in the mid- to high-single digits versus the prior year at
"We continue to improve at delivering great product and offering the right blend of regular and promotional pricing, supported by more compelling in-store marketing and merchandise presentation. The customer is responding well and returning to the Wet Seal brand more quickly than anticipated, which has enabled us to stabilize the business and exceed our financial forecasts in the first quarter. We are also making progress at Arden B, achieving slightly positive comps for the period. The improvements we've made year-to-date, along with the recent appointment of a new GMM for this division, make us optimistic that we can reinvigorate the Arden B brand."
Based on the strength of sales and margins, the Company raised expectations for the first quarter of fiscal 2013. The Company now expects earnings per diluted share of
Class Action Lawsuit Settlement
Last night, in the
While the Company maintains that it has a strong track record of hiring, promoting and retaining a diverse work force, Wet Seal's new leadership approached the Plaintiffs to collaborate on best practices and a no-fault resolution of the case. This collaboration has played an important role in redefining the Company and positioning it for success.
"From the moment I became CEO of
Under the agreement, the Company agrees to post open positions, implement new selection criteria and interview protocols, revamp its annual performance reviews and compensation structure, add regional human resources directors, implement more diversity and inclusion communications and training for field and corporate office employees, and enhance its investigations training and processes. The Company also has reflected its commitment to use diverse models in its marketing and to partnerships with organizations dedicated to the advancement and well-being of African Americans and other diverse groups.
Additional information about the Company's commitment to diversity and its
First Quarter Conference Call Information
The Company will host a conference call to discuss first quarter fiscal 2013 financial results on
To participate in the call, please dial (877) 407-3982 or (201) 493-6780. A broadcast of the call will also be available on the Company's web site at www.wetsealinc.com. A replay of the call will be available through
Fifth & Pacific to Webcast Annualy Meeting May 2013
- Published 05/9/2013
HoneyBeeHandbags.com Shopping Platform for Designer Handbags
- Published 05/8/2013
Texas-based Internet Company, Chimo E-Sales LLC, today announced the opening of its new online store at www.HoneyBeeHandbags.com.
The new e-commerce website offers consumers a shopping platform with access to more than 50 designer handbags at any given time. Brands currently available at HoneyBeeHandbags.com include Christian Dior, Fendi, Gucci, Miu Miu, Prada and Yves Saint Laurent. The company plans to expand its inventory and introduce new brands in the upcoming months.
All handbags contain extensive product descriptions alongside images to better support the online shopping experience. Products range in price depending on brand and material, but designer pieces can usually be found starting at $600.
Customers of HoneyBeeHandbags.com can also follow the Company on its new social media pages located on Facebook and Twitter. The social media pages will be sharing new products, customer reviews and pictures of current inventory.
HoneyBeeHandbags.com accepts all major credit cards including PayPal accounts, and items purchased can be shipped anywhere within the United States. To learn more about this new online store, visit www.HoneyBeeHandbags.com.
James A. Mitarotonda Nominated for Election to Jones Group Board of Directors
- Published 05/6/2013
Robert L. Mettler, Chair of the Nominating and Corporate Governance Committee and Presiding Independent Director of the Board of Directors, said: "We value Jim's expertise in the retail, apparel and footwear industries and welcome his input as we continue to execute on our plan and drive results during this pivotal period of transformation for the Company. The Jones Group Board of Directors and management team are focused on improving profitability and enhancing shareholder value for the long-term."
James A. Mitarotonda, Chairman and Chief Executive Officer of Barington Capital Group, stated: "I am pleased to join the Board of The Jones Group, a well-respected company with significant potential for future growth. I support the recent initiatives the Company has taken and I look forward to working with my fellow directors to build value for all Jones Group stockholders."
After joining the Board, Mr. Mitarotonda will be serving on the Audit Committee.
As part of the agreement, Barington, which represents a group of investors that owns approximately 2.3% of The Jones Group common stock, has agreed to vote its shares in support of all of the Company's director nominees at the 2013 Annual Meeting. Barington has also agreed to certain customary "standstill" provisions.
The Company will file the full text of the agreement on a Form 8-K with the Securities and Exchange Commission today, and will also file and mail to its stockholders its proxy materials in due course. The annual meeting will be held on June 14, 2013 and stockholders of record at the close of business on March 26, 2013 will be entitled to vote.
About James A. Mitarotonda
James A. Mitarotonda is Chairman, President and Chief Executive Officer of Barington Capital Group, L.P., an investment firm that he co-founded in November 1991 that has significant experience investing in retail, apparel and footwear companies. He currently serves as a director of A. Schulman, Inc. and The Pep Boys – Manny, Moe & Jack and is a former director of a number of publically traded companies, including Griffon Corporation, Gerber Scientific, Inc., Register.com, Inc. and Ameron International Corporation. Mr. Mitarotonda received an M.B.A. from New York University's Graduate School of Business Administration (now known as the Stern School of Business) and a B.A. in economics from Queens College, where he now serves as Chairman of its Business Advisory Board.
About Barington Capital Group, L.P.
Barington Capital Group, L.P. is an investment management firm that primarily invests in undervalued, small and mid-capitalization companies. Barington and its principals are experienced value-added investors who have taken active roles in assisting companies in creating or improving shareholder value. Barington has significant experience investing in retail, apparel and footwear companies, with prior investments in The Warnaco Group, Dillard's, Nautica, Steven Madden, Payless ShoeSource, Stride Rite, Maxwell Shoe and Harry Winston.
About The Jones Group Inc.
The Jones Group Inc. is a leading global designer, marketer and wholesaler of over 35 brands with product expertise in apparel, footwear, jeanswear, jewelry and handbags. The Jones Group has a reputation for innovation, excellence in product quality and value, operational execution and talent. The Company also markets directly to consumers through branded specialty retail and outlet stores, through concessions at upscale department stores and through its e-commerce sites.
ANN INC Reduces Carbon Footprint 20 Percent
- Published 04/22/2013
Company surpasses its goal three years ahead of schedule, sets new target
ANN INC. the parent Company of Ann Taylor and LOFT, today announced that it has surpassed its 2015 carbon footprint goal of reducing its emissions by 8 percent per square foot. Based on year-end 2012 results, the Company has more than doubled that goal, achieving a 20 percent reduction over its 2008 baseline. ANN INC. reaffirms its continued commitment to environmental sustainability by setting a new goal of reducing emissions per square foot by 30 percent by 2015.
This significant reduction in carbon emissions was achieved through the implementation of key programs ranging from the installation of energy efficient lighting in its stores to behavior change campaigns for associates.
"At ANN INC. we have a strong commitment to our clients and associates to operate our business responsibly and to minimize our impact on the environment," said Kay Krill, President and CEO of ANN INC. "We're thrilled to surpass this goal earlier than expected. It was not an easy task, but investing in new programs, coupled with the power of our passionate associates, have helped us get there."
ANN INC.'s ANN Conserves Energy (ACE) program trains more than 18,000 store associates on energy efficiency best practices and behaviors, including lighting, equipment and temperature control settings. In 2012, ANN INC. installed more than 50,000 light-emitting diode (LED) light bulbs in almost 400 stores, which has resulted in significant reduction of energy use and utility costs. The Company's flagship LOFT store in Times Square, New York has also been outfitted with energy efficient LEDs, and the store's 12,000-light-bulb marquee now uses one quarter of the energy that it used when it was first installed.
"Our LED initiative and other in-store activities have produced an increase in energy efficiency in ANN INC.'s stores by 10 percent per square foot in only three years," said Jeannette Ferran Astorga, Vice President of Corporate Social Responsibility at ANN INC. "This Earth Day, we celebrate our current practices that have helped us achieve our goals of becoming a more efficient fleet of stores, while reducing our carbon emissions."
In January 2013, ANN INC. announced its membership to the Sustainable Apparel Coalition (SAC), a trade association comprised of brands, retailers, manufacturers, government and non-governmental organizations and academic experts who are committed to supply chain sustainability. ANN INC. is the first women's specialty retailer to join the SAC and will use the group's sustainability index to drive environmental responsibility throughout its supply chain.
The Company regularly reports on its programs, including its carbon footprint results and other corporate social responsibility initiatives, on its website, ResponsiblyANN.com.
About ANN INC.
ANN INC. is the parent Company of Ann Taylor and LOFT, two of the leading women's specialty retail fashion brands in North America. The Company operates 984 Ann Taylor, Ann Taylor Factory, LOFT and LOFT Outlet stores in 47 states, the District of Columbia, Puerto Rico and Canada as of February 2, 2013. Our Ann Taylor and LOFT brands are available in more than 100 countries worldwide online at AnnTaylor.com and LOFT.com. Visit ANNINC.com for more information (NYSE: ANN).
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Have to Have (Havetohave.com), an e-commerce advertising network, today announced the launch of a shopping app for BlackBerry® 10 smartphones. The app is available as a free download on the BlackBerry® World™ storefront.
Bare Necessities continues to amp up their reputation for combining exciting fashion and cutting-edge digital technology with a sizzling new Look book exclusively on www.BareNecessities.com.
It's a cavalcade of beautiful fashion models featuring Wacoal's incredible intimate products, including "Pure Couture," "Embrace Lace," and "Retro Chic." These are the world's best-made bras, and you've never seen them look so sensual and elegant.
"Bare Necessities continues to break new ground by combining interactive digital with the online shopping experience across smartphones, tablets, and desktops," said Jay Dunn, Chief Marketing Officer for Bare Necessities. "With Wacoal, we are able to transition intimate apparel to true fashion, and the digital presentation within this Look book is the perfect example of how fashionable intimate apparel can be. Fans of our brand and Wacoal are going to love this."
Barneys New York, the luxury specialty retailer, has partnered with the estate of Roy Lichtenstein and Art Production Fund to launch a limited-edition collection of home goods, available exclusively this summer at Barneys New York.
Guests Reveled in Jay Gatsby's extravagant world after watching new film on big screen
For the lucky attendees of The Great Gatsby world premiere, once the credits stopped rolling, the fun had only just begun. In an after-party for the ages, Samantha Sackler Productions brought to life the outrageous and lively atmosphere of a Jay Gatsby party, allowing guests to revel in the opulence and decadence of the 1920s.
DSW Inc., a leading branded footwear and accessories retailer, is pleased to announce the opening of a new store in Columbia, SC on May 2nd.
The address of the new store is:
320 Harbison Blvd
Columbia, SC 29212
Silver Jeans Co.™, the Canadian-based company that earned a reputation for high quality and well-fitting jeans in the mid luxury denim market, is pleased to announce the locations for its first five stores kicking off the brand's global retail strategy. Silver Jeans Co.™ will open its first "loft" this July in The Woodlands Mall in The Woodlands, Texas, with monthly store openings through November 2013 in Glendale, Calif., Bloomington, Minn., and additional locations in Texas.
Over 80 million plastic water bottles have been upcycled through Haggar's E-CLO™ and LK Life Khaki™ eco-friendly apparel lines with the use of REPREVE®
In recognition of Earth Day 2013, Haggar Clothing Co., the iconic American menswear company, announced last week that over 80 million post-consumer plastic bottles have been upcycled through its eco-friendly apparel line E-CLO™ which includes their popular LK Life Khaki™ brand. These pants contain a unique blend of cotton and REPREVE®, which is made from recycled materials, including post-consumer plastic bottles. E-CLO and LK Life Khaki pants are innovative, earth-conscious apparel options for those seeking to reduce their ecological footprint through their everyday purchase decisions. Each pair of pants contains the equivalent of seven recycled plastic bottles— making Haggar one of the first major menswear manufacturers to produce apparel designed to reduce waste and conserve natural resources.
UBM Asia today announces that it has entered into a strategic partnership with RESTEC Group on the leading B2B jewellery fairs in Russia.
Women's fashion retailer will contribute net profit of Hope Bracelet sales to American Cancer Society's Relay For Life® and invites community members nationwide to support world's largest cancer-fighting movement
dressbarn, the women's specialty apparel retailer, celebrates its 10th year as an American Cancer Society Relay For Life National Corporate Team Program member. As part of the company's commitment to help raise awareness and funds for the American Cancer Society's ongoing research initiatives, outreach and support programs, dressbarn stores nationwide will feature the 2013 version of their signature Hope Bracelet. Sales of the bracelet support the American Cancer Society's mission to finish the fight and create a world with more birthdays.
Sales Benefit Nonprofit Organization Founded by Actor
Actor and philanthropist Matthew McConaughey has partnered with Canadian-based apparel manufacturer Grand National Apparel to announce the launch of JKL (jklbrand.com), an active-inspired sportswear collection derived from McConaughey's active lifestyle and philosophy of life. A portion of sales will support the just keep livin Foundation, a non-profit organization founded by McConaughey, which implements after-school fitness and wellness programs, in inner-city high schools.
This Spring, Bloomingdale's extends its renowned customer service with an advanced denim shopping experience, thanks to a new partnership with Me-Ality™, the digital sizing station that matches shoppers with their best fits across a range of premium brands. Five specially-designed Me-Ality™ sizing stations have been installed at Bloomingdale's 59th Street (NY), Roosevelt Field Mall (NY), Chevy Chase (MD), Santa Monica Place (CA), and South Coast Plaza (CA) locations. In 10 seconds, shoppers can take part in a complimentary, fully-clothed size-matching session and receive their best fit in the premium denim styles sold at the luxury department store.
Cam Newton Apparel Collection at Belk
Charlotte-based Belk, Inc., the nation’s largest family owned and operated department store, is proud to announce that the exclusive menswear collection from NFL quarterback Cam Newton is now available in 133 Belk stores and on belk.com. This exclusive collection, MADE Cam Newton, offers fashion-forward, versatile, professional and sportswear apparel options for men.
Learn more about men’s fashion at Belk.
Retail eyeglass chain Stanton Optical to back-off expansion plans for opening optical stores in California, under their Eye Lab brand, after the Supreme Court rejected an appeal to allow optical retailers to offer on-site eye exams in the State of California.
A leading provider of chic women's clothing, Glendale Apparel offers fitted pants and everyday pieces, paired with unique online specials like $5 flat-rate shipping and duty-free shopping for U.S. & Canadian customers.
Today Gap announced the brand is joining a yearlong celebration of the life and music of Jimi Hendrix in honor of his 70th birthday with the launch of two limited-edition t-shirt designs. The t-shirts feature art from the iconic musician's new album, People, Hell and Angels, which introduces previously unreleased studio recordings from 1969, the year Gap was founded in San Francisco.
Supermodel, designer and fashion powerhouse Heidi Klum has created a new and versatile active wear collection with New Balance through the Heidi Klum for New Balance partnership launching this February 26, 2013, exclusively at select Lady Foot Locker locations in the U.S.
Authentic Brands Group joins Expo's newly designated Fashion District
Advanstar Licensing, organizers of Licensing Expo, the world's largest and most influential licensing industry event, today announced that more than 40 fashion brands are confirmed to exhibit at the upcoming Expo. Licensing Expo is taking place June 18-20 at Mandalay Bay Convention Center in Las Vegas, Nevada.