- News Archive
Express Public Fashion Event
- Published 08/15/2013
In conjunction with the EXPRESS Holiday 2013 campaign shoot, the brand staged a live outdoor fashion show in the heart of Manhattan where the industry’s hottest male and female models showed off the Holiday 2013 Collection months before it will hit stores. “The Holiday 2013 Collection is really about a lot of sparkle, shine, glamour and obviously New York City,” said EXPRESS President David Kornberg.
This event was open to the public and there was no charge to attend. EXPRESS has staged similar runway events in New York, Las Vegas, Miami, Chicago, and Mexico City.
Leading up to the show, fans were encouraged to take and share pictures of life in the city using the hashtag #EXPCityLife. Curated photos were then printed with a special offer on the back and distributed to fans around Times Square on the weekend of the runway show. For more information, please check out @ExpressLife on Twitter and ExpressRunway on Instagram.
About EXPRESS, Inc.:
EXPRESS is a specialty apparel and accessories retailer of women’s and men’s merchandise, targeting the fashion-forward 20 to 30 year old customer. For over 30 years, the company has offered a distinct combination of fashion and quality at an attractive value for multiple lifestyle occasions: casual, jeans, work, and going out. EXPRESS currently operates more than 600 retail stores, located primarily in high-traffic shopping malls, lifestyle centers and street locations in the United States, Canada, Latin America, and the Middle East. Merchandise is also available on the company e-commerce website, EXPRESS.com.
Hollister Co With Keds To Launch Exclusive Product Online
- Published 08/14/2013
Hollister Co., a division of Abercrombie & Fitch Co. (NYSE: ANF), is partnering with Keds®, a division of Wolverine Worldwide, to release an exclusive line that features signature Hollister patterns on Keds' iconic sneakers. Beginning August 15, the exclusive Hollister + Keds sneakers will be available only at HollisterCo.com, but fans of both brands can check out the display inside Hollister stores to get a closer look at the fun, new patterns.
"Flip-flops are currently the only footwear we sell in Hollister, so this partnership with Keds is a great opportunity for our brand," says Gillian Galner, Group Vice President Brand Merchandising for Abercrombie & Fitch Co. "We're really excited because Keds and Hollister are a natural fit. Both brands have a youthful, passionate fan base and Hollister's Southern California inspired clothes look great styled with Keds sneakers."
"We love to create exciting and fresh product for our fans. With the Hollister collaboration our classic Champion sneaker gets a major shot of California style," said Rick Blackshaw, president, Keds. "The sunny color palette, bold patterns and fun prints provide endless styling options for girls, and put the finishing touch on any Hollister outfit."
Hollister is the fantasy of Southern California by Abercrombie & Fitch. Founded in 2000, Hollister's laidback lifestyle and All-American image is timeless and effortlessly cool. Hollister brings Southern California to the world. Based in New Albany, Ohio Hollister operates 482 locations worldwide in 20 countries, as well as its ecommerce site www.hollisterco.com.
In 1916 Keds® redefined footwear with the introduction of the Champion sneaker. The simple and chic design ignited a style revolution, capturing the hearts of girls everywhere from fashion icons to the girl next door. Today, Keds is a head-to-toe fashion lifestyle brand fueled by a passion for imagination, inspiring a new generation of girls to stay authentic, optimistic and brave. For more information, please visit www.Keds.com. Keds is a division of Wolverine Worldwide, the world's leading maker of casual, work, outdoor, athletic and children's footwear.
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Treska Debuts Showroom in Dallas Market Center During Aug 2013 Apparel Show
- Published 08/14/2013
TRESKA Celebrates Grand Opening with a Ribbon Cutting Ceremony on August 15th
Treska, Inc., the Fort Worth based premier trend jewelry and accessories wholesaler, announces the Grand Opening of their new Dallas showroom on the 13th floor front atrium in the Dallas Market Center.
This upgraded suite space is larger and in a prime location with four entrances and a decor that consists of primarily glass walls, along with corrugated tin and cedar plank features. The new face of Treska's showroom will also boast a unique bar area to service customers and process orders. Customers can enjoy a spacious, more comfortable area with twice as many collections on display including their new fashion jewelry line for men.
Treska operates three permanent showrooms, the one in Dallas, with its new, larger setting, and the other locations in Atlanta and New York City.
Treska's CEO, Gary Fields, was the creative influence who designed the finish and layout of the space with distinct accents and fixtures. "By expanding our Dallas showroom, we are able to show a full range of jewelry collections, fashion handbags, trend scarves, belts and small leather goods, along with Gman, our new line of fashion jewelry for men," says Fields. "The customer gets a full experience of our product offering and design style."
To celebrate the Grand Opening of the new Dallas Showroom, Treska will be participating in a ribbon cutting ceremony that will include Dallas Market Center's key officers and Treska's executive leadership team.
In addition, Treska will be hosting a Grand Opening party on Thursday, August 15 from 5:00 p.m. – 7:00 p.m, where they will serve hors d' oeuvres and frozen margaritas. As part of this invite-only event, Treska will showcase three new trend jewelry collections - Sticks and Stones, Cathedral and Canyon River.
For more information about Treska's impressive designs and products visit www.treska.com.
ABOUT TRESKA, INC.
Founded in 1978, Treska, Inc. is a recognized leader of the trend jewelry and accessories market, with a vision to create high quality, hand-crafted jewelry. Treska is a rapidly growing company that meets the demands of the fashion jewelry and accessories business across all categories with several brands, divisions and private labels under its corporate umbrella. Treska is well known for its product innovation and design, and is a reliable supplier of well-priced, quality fashion jewelry. Treska, Inc. is headquartered in Fort Worth, Texas and has three permanent showrooms in Dallas, Atlanta, and New York.
Penelope and Monica Cruz Launch Collection on Bare Necessities
- Published 08/14/2013
Just when you thought lingerie couldn't get any sexier, the most gorgeous sisters Penelope Cruz and Monica Cruz have launched L'Agent by Agent Provocateur. Penelope and Monica collaborated with Agent Provocateur to design tantalizing lingerie that's playful, while still being daringly sexy. You must see it to appreciate the artistry.
For the debut, the Cruz sisters chose a Spanish woman's name for each collection, which also reflects different personalities. These collections also include Penelope and Monica pieces which are designed according to the Cruz sisters' personalities. Penelope's pieces are timeless with clean lines and super-flattering fits. Monica's are bright and fun, with a delicate lace trim and contrasted with black satin bows.
Both Cruz sisters were intimately involved in the entire design process. The sisters were hands-on through all stages of development and design, working directly with Agent Provocateur's Creative Director, Sarah Shotton.
Wait, it gets better! Penelope Cruz wrote and directed an absolute mind-blowing video, featuring sexy models wearing L'Agent pieces, and the gorgeous Monica Cruz who is pregnant and glowing just a few days before she gave birth!
"I can find beauty in so many different types of women, and I wanted all of them to be represented in the commercial," said Penelope.
The video can be found on the Bare Necessities' website here, as well as a behind the scenes clip with Penelope on the Bare Necessities YouTube Channel.
Check out sexy L'Agent on www.barenecessities.com, see the videos, and get ready for the glamour created by two internationally respected artists.
Bare Necessities is the largest online specialty retailer of women's and men's branded and designer intimate apparel and lingerie. Since 1998, Bare Necessities has featured bras ranging from band size 28 to 56 and cup sizes AA to N, as well as a variety of other products up to a size 6X and 24W, including one of the best selections of shapewear, hosiery, swimwear, and shaping clothing for average, full-busted, and plus-size women. In February of 2012, Bareplus.com was launched, providing a vast selection of intimate fashion exclusively for curvy women. Bare Necessities features over 180 national and international brands such as Jockey, Wolford, La Perla, Bali, Calvin Klein, DKNY, HUE, Under Armour, SPANX, Skinnygirl by Bethenny Frankel, Chantelle, Wacoal, Hanky Panky, and many more!
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Sprout Launches New Collection Of Eco-Friendly Fashion Watches With Swarovski Elements
- Published 08/14/2013
New line of watches incorporates ground-breaking crystal technology, available nationwide this fall
Sprout, the leader in eco-friendly timepieces, is proud to announce their new SPROUT ADVANCED CRYSTAL COLLECTION, a unique line of watches available nationwide incorporating ADVANCED CRYSTAL, a new lead-free* technology developed by SWAROVSKI ELEMENTS. Researched and developed for more than 10 years, this major technological breakthrough represents the new DNA of crystal, a patented formula using only carefully selected raw materials that are in compliance with all international standards. ADVANCED CRYSTAL offers unsurpassed brilliance with the highest precision, quality and clarity for flawless beauty.
"We truly believe that an eco-forward lifestyle should be beautiful and full of sparkle and shine," said Marcella Maselli, director of product development for Sprout. "Using new ADVANCED CRYSTAL from SWAROVSKI ELEMENTS gives us the opportunity to bring eco-friendly fashion to a new level of creativity and sophistication that offers the conscious consumer an enchanting selection of sustainable timepieces."
All Sprout watches are uniquely designed with the earth in mind. In addition to ADVANCED CRYSTAL, the SPROUT ADVANCED CRYSTAL COLLECTION is constructed with eco-materials such as biodegradable corn resin, natural bamboo, organic cotton and cork. As with all Sprout models, the watches also contain a mineral crystal lens and mercury-free battery.
With several new styles, Sprout previewed the new collection in early June at Las Vegas' JCK, the country's premier watch and jewelry trade event. The sophisticated timepieces are currently available for women in Sprout's 6500 and 6800 series, with price points ranging from $70 to $75 depending on style. The SPROUT ADVANCED CRYSTAL COLLECTION is available nationwide at Nordstrom, Lord & Taylor and SproutWatches.com. For more information on the collection and Sprout's full line of eco-friendly timepieces, visit SproutWatches.com.
* Crystal glass and all other materials containing 0.009 % lead or less.
Under the umbrella of a company that has been producing best-selling timepieces for more than 50 years, Sprout Watches set out to create an eco-forward lifestyle brand, which utilizes the highest quality materials while striving to protect the Earth's natural resources. Constructed from sustainable elements such as biodegradable corn resin, bamboo, cork, organic cotton, mother of pearl conflict free diamonds and Swarovski's Advanced Lead-Free Crystal, Sprout Watches are setting the standard for eco-friendly, fashionable forward timepieces. Connect with Sprout at SproutWatches.com, Facebook.com/SproutWatches and @SproutWatches.
About SWAROVSKI ELEMENTS:
SWAROVSKI ELEMENTS is the premium brand for the finest crystal elements manufactured by Swarovski. The designers' choice since the founding of the company in 1895, SWAROVSKI ELEMENTS provides creative talents from the fashion, jewelry, accessories, interior design and lighting industries with the latest on-trend innovations. Available in a myriad of colors, effects, shapes and sizes, SWAROVSKI ELEMENTS offer designers a fabulous palette of inspiration. Born out of passion for detail and high-precision cutting, they impart refined glamour to everything they embellish. These precious ingredients can be recognized through the "MADE WITH SWAROVSKI ELEMENTS" label, which serves as a certificate of authenticity. It marks products that are made with genuine SWAROVSKI ELEMENTS.
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Lucy Hale Celebrates 10 Years of mark. Beauty, Fashion and Empowerment
- Published 08/13/2013
mark., Avon’s beauty and fashion boutique brand, celebrated 10 years of beauty, fashion and empowerment at the Trump Soho in New York City tonight with Brand Ambassador and Pretty Little Liars star Lucy Hale. R&B songstress Elle Varner, mark. Celebrity Makeup Artist Fiona Stiles and celebrity DJ Chelsea Leyland joined Hale and more than 100 guests to commemorate the mark. brand history and preview the new fall fashion and beauty collections.
“I’m thrilled to be working with the mark. brand and help celebrate their 10th birthday,” Hale said. “mark. encompasses so many of my personal passions – fashion, beauty and, most of all, empowering women.”
“We’re incredibly proud to reach this milestone,” said mark. Global President Meg Lerner. “At the heart of the mark. brand is the belief that there are no limits to what a woman can imagine and achieve. Lucy Hale is truly a woman making her mark in the world and we’re excited to be kicking off this year-long celebration with her as our Brand Ambassador.”
At the event, Hale welcomed guests, introduced the new fashion and beauty product collections and cut the mark. 10th birthday cake. Elle Varner also gave a special performance of her hit single “Refill”. Attendees learned about important moments in the mark. brand history – including the m.powerment by mark. campaign operated by the Avon Foundation for Women, which has raised more than $1 million to help break the cycle of dating abuse and partner violence.
From its founding, mark. has been an innovator. Over the past decade, the brand has led the industry with its marriage of beauty and fashion, and by pioneering the concept of social beauty. Empowerment is in the brand’s DNA and can be seen in everything the company does – from the design of its products to its philanthropic outreach efforts.
Tune in to Pretty Little Liars Tuesdays at 8 p.m. EST on ABC Family.
mark. is Avon’s expertly edited beauty and fashion boutique brand that is constantly launching fresh, on-trend and customizable products. It is mark’s passion to connect, engage and empower women- encouraging them to express their individuality and realize their infinite possibilities. Avon developed mark. in 2003 to celebrate the “mark.” young women make in the world. The foundation of the brand is the philosophy of social beauty™ – the idea that women love to be social and want to be beautiful. mark. is available exclusively through Avon Representatives. Learn more about mark. and its products at www.meetmark.com.
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G-Star RAW in Mall of America
- Published 08/9/2013
International denim brand G-Star RAW is pleased to announce the opening of its store in Mall of America in Minneapolis, MN. The new 1,700 square foot G-Star store is located on the Level 1 South wing of the mall and will open its doors to Minneapolis's denim diehards and stylish elite on August 12, 2013.
"We are thrilled to open in Mall of America with one of our longest partners, Brigade, who have supported G-Star within their multi-brand and Q-Store channels for years. This long standing relationship has allowed for a growth strategy which we are both excited to watch unfold in the near future," says Tony Lucia, G-Star's CEO North America.
For more than 20 years, G-Star has been a pioneer in originating the concept of "luxury denim for the streets" and popularizing raw, untreated denim as wearable and desirable apparel. The latest Minneapolis storefront showcases G-Star's clothing and accessory collections with strikingly minimalist interior design that conveys the brand's philosophy, design aesthetic, and raw authenticity. The G-Star motto – "just the product" – will radiate in the store's monochromatic decor of concrete floors and basic materials such as wood and steel.
The Mall of America location marks G-Star's 17th store in the United States, joining a list of locations in such prestigious cities as Los Angeles, New York, Miami, Chicago, Boston, San Francisco and Washington, D.C.
About G-Star RAW
From its conception in 1989, G-Star has been known for its innovative style in the world of denim, consistent research work, eye for detail, and elaborate treatment techniques. This results in authentic products that portray denim craftsmanship with a distinctive design signature, which adds luxury to the raw denim character.
About Mall of America
Mall of America is the nation's largest retail and entertainment complex. At 4.2 million square feet, MOA is home to more than 520 world-class shops; Nickelodeon Universe®, the nation's largest indoor family amusement park; SEA LIFE Minnesota Aquarium, a 1.2 million gallon walk-through aquarium; Moose Mountain Adventure Golf; Theatres at Mall of America® - a 14-screen movie theater with VIP theatre and more. The Mall opened in August of 1992 and is located in Bloomington, Minn., just minutes from downtown Minneapolis and St. Paul.
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Fifth & Pacific Companies, Inc. Reports 2nd Quarter And First Half Results
- Published 08/8/2013
Fifth & Pacific Companies, Inc. (NYSE: FNP) today announced results for the second quarter of 2013. For the second quarter of 2013 on a GAAP basis, loss from continuing operations was ($36) million, or ($0.30) per share, compared to loss from continuing operations of ($50) million, or ($0.46) per share, for the second quarter of 2012.
Net sales for the second quarter of 2013 were $382 million, an increase of $45 million, or 13.4%, from the comparable 2012 period. Adjusted loss per share from continuing operations for the second quarter of 2013 was ($0.12), compared to adjusted loss per share from continuing operations of ($0.09) for the second quarter of 2012.
Adjusted EBITDA, net of foreign currency transaction adjustments, was $8 million for the second quarter of 2013 and $16 million for the second quarter of 2012.
The Company also announced second quarter 2013 direct-to-consumer comparable sales as follows:
For the first half of 2013, the Company recorded a loss from continuing operations of ($76) million, or ($0.63) per share, compared to a loss from continuing operations for the first half of 2012 of ($101) million, or ($0.96) per share. Adjusted loss per share from continuing operations in the first half of 2013 was ($0.27) compared to an adjusted loss per share from continuing operations of ($0.31) in the first half of 2012. Net sales for the first half of 2012 were $754 million, an increase of $100 million, or 15.3%, from the comparable 2012 period.
William L. McComb, Chief Executive Officer of Fifth & Pacific Companies, Inc., said: "We were pleased overall with the performance of our brands during the quarter, as we believe we remain on track to achieve our 2013 financial targets. Kate Spade posted a 65% increase in total net sales, driven by strong performance in all channels of its business and a 27% increase in direct-to-consumer comparable sales. Excluding the impact of $22 million in net sales associated with Kate Spade Japan, net sales for Kate Spade increased 43%. Kate Spade remains on track to achieve its adjusted EBITDA target of $130 to $140 million for the year, despite the planned dilution on adjusted EBITDA margin resulting from the reporting impact of the Kate Spade Japan acquisition and the launch of Kate Spade Saturday."
Mr. McComb continued: "At Lucky Brand, total net sales decreased 2% in the second quarter, driven primarily by the timing impact of wholesale shipments that we discussed last quarter, while direct-to-consumer comparable sales increased 2% in the quarter. As we enter the Fall season, we believe the brand is well-positioned to achieve its targets for the back half of the year. Performance at Juicy Couture in the second quarter was consistent overall with our expectation. Gross margin rate was down compared to the second quarter of 2012, although we saw some improvement in trend compared to the first quarter. Total net sales for the brand were down (11%) in the quarter and direct-to-consumer comparable sales decreased (4%). We continue to believe that the brand is nearing a turning point and has a bright future under the direction of Paul Blum and his team."
Mr. McComb concluded: "We are continuing our work to identify the best path forward with our brand portfolio to maximize shareholder value and will provide an update as and when appropriate. In the meantime, all of our business segments continue to progress and we expect to achieve our business plan in the second half of 2013. We continue to forecast adjusted EBITDA, net of foreign currency transaction adjustments, in the range of $120 to $150 million."
The adjusted results for the second quarter and first half of 2013 and 2012, as well as forward-looking targets, exclude the impact of expenses incurred in connection with the Company's streamlining initiatives, brand-exiting activities, acquisition related costs, losses on extinguishment of debt, impairment of cost investment and interest expense charges related to a multi-employer pension withdrawal liability. The Company believes that the adjusted results for such periods represent a more meaningful presentation of its historical operations and financial performance since these results provide period to period comparisons that are consistent and more easily understood. The attached tables, captioned "Reconciliation of Non-GAAP Financial Information," provide a full reconciliation of actual results to the adjusted results. We present Adjusted EBITDA, which we define as income (loss) from continuing operations, adjusted to exclude income tax provision (benefit), interest expense, net, depreciation and amortization, net, losses on extinguishment of debt, expenses incurred in connection with the Company's streamlining initiatives, brand-exiting activities, acquisition related costs, non-cash impairment charges, losses on asset disposals and non-cash share-based compensation expense. We also present Adjusted EBITDA, net of foreign currency transaction adjustments, which is Adjusted EBITDA further adjusted to exclude unrealized and certain realized foreign currency transaction adjustments, net. We present the above-described EBITDA measures because we consider them important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
The Company will sponsor a conference call at 10:00am eastern time today to discuss its results for the second quarter of 2013. The dial-in number is 1-888-694-4676 with pass code 16648091. The web cast and slides accompanying the prepared remarks can be accessed via the Investor Relations section of the Fifth & Pacific website at www.fifthandpacific.com. An archive of the webcast will be available on the website. Additional information on the results of the Company's operations is available in the Company's Form 10-Q for the second quarter of fiscal 2013, filed with the Securities and Exchange Commission.
SECOND QUARTER RESULTS
During the fourth quarter of 2012, we determined that our measure of segment profitability is Adjusted EBITDA of each reportable segment. Accordingly, our CEO evaluates performance and allocates resources based primarily on Segment Adjusted EBITDA. Segment Adjusted EBITDA is also a key metric utilized in our annual bonus and long-term incentive plans. Segment Adjusted EBITDA excludes: (i) depreciation and amortization; (ii) charges due to streamlining initiatives, brand-exiting activities and acquisition related costs; and (iii) losses on asset disposals and impairments. Unallocated Corporate costs also exclude non-cash share-based compensation expense. Therefore, Segment Adjusted EBITDA does not include Corporate costs associated with the following functions: corporate finance, investor relations, communications, legal, human resources and information technology shared services and costs of executive offices and corporate facilities, which are included in Unallocated Corporate costs. We do not allocate amounts reported below Operating loss to our reportable segments, other than equity income (loss) in equity method investees. Our definition of Segment Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Net sales from continuing operations for the second quarter of 2013 were $382 million, an increase of $45 million, or 13.4% from the second quarter of 2012, reflecting an increase in sales in our Kate Spade segment, partially offset by declines in sales in our Juicy Couture, Adelington Design Group and Lucky Brand segments. Net sales for the second quarter of 2013 included $22 million of Kate Spade Japan sales.
Gross profit as a percentage of net sales decreased to 56.5% in the second quarter of 2013, compared to 56.6% in the comparable 2012 period, primarily reflecting increased promotional activity in our Juicy Couture segment, partially offset by increased gross profits in our Kate Spade segment, which runs at a higher gross profit rate than the Company average.
Selling, general & administrative expenses ("SG&A") increased $4 million, or 1.5%, to $232 million in the second quarter of 2013 compared to the second quarter of 2012. The increase in SG&A reflected the following:
- A $38 million increase in SG&A in our Kate Spade and Lucky Brand segments, primarily related to direct-to-consumer expansion reflecting: (i) increased e-commerce fees and advertising expenses; (ii) increased compensation related expenses and (iii) increased rent and other store operating expenses. The increase also included incremental SG&A associated with Kate Spade Japan and the launch of Kate Spade Saturday;
- A $12 million decrease in costs at Corporate and in our Juicy Couture and Adelington Design Group segments; and
- A $22 million decrease in expenses associated with our streamlining initiatives, brand-exiting activities and acquisition related costs.
SG&A as a percentage of net sales was 60.7% in the second quarter of 2013, compared to 67.8% in the second quarter of 2012, primarily reflecting reduced SG&A at Corporate and in our Juicy Couture and Adelington Design Group segments.
Operating Loss was ($16) million ((4.2%) of net sales) in the second quarter of 2013 compared to an operating loss of ($38) million ((11.1%) of net sales) in the second quarter of 2012.
Other (Expense) Income, net was ($1) million in the second quarter of 2013, compared to $5 million in the second quarter of 2012, primarily reflecting (i) foreign currency transaction gains and losses and (ii) equity in (losses) earnings of our investments in equity investees.
Impairment of Cost Investment was ($6) million in the second quarter of 2013, related to the investment in the Mexx business.
Loss on Extinguishment of Debt was ($3) million in the second quarter of 2012 resulting from the conversion of $15 million aggregate principal amount of our Convertible Notes into 4.3 million shares of our common stock and the repurchase of 29 million euro aggregate principal amount of our Euro Notes.
Interest expense, net was $12 million in the second quarter of 2013, flat compared to the second quarter of 2012, primarily reflecting a decrease of $2 million in interest expense related to the Euro Notes and Convertible Notes and a $1 million decrease in financing fees, partially offset by a $3 million increase in interest expense on the Senior Notes and outstanding borrowings under our Amended Facility.
Provision for Income Taxes was $2 million in the second quarter of 2013 and 2012, primarily representing increases in deferred tax liabilities for indefinite-lived intangible assets, current tax on operations in certain jurisdictions and an increase in the accrual for interest related to uncertain tax positions.
Loss from continuing operations in the second quarter of 2013 was ($36) million, or ($0.30) per share, compared to a loss of ($50) million, or ($0.46) per share in the second quarter of 2012. Adjusted loss per share from continuing operations in the second quarter of 2013 was ($0.12), compared to adjusted loss per share from continuing operations of ($0.09) in the second quarter of 2012.
Net loss in the second quarter of 2013 was ($43) million, inclusive of losses related to discontinued operations of ($7) million, compared to a net loss of ($52) million, inclusive of losses related to discontinued operations of ($3) million, in the second quarter of 2012. Net loss per share was ($0.36) in the second quarter of 2013, compared to a net loss per share of ($0.48) in the second quarter of 2012.
Balance Sheet and Cash Flow
Accounts Receivable decreased $20 million, or 17.8%, at the end of the second quarter of 2013 compared to the second quarter of 2012, primarily due to decreased wholesale sales in our Juicy Couture and Lucky Brand segments, partially offset by increased wholesale sales in our Kate Spade segment.
Inventories increased $51 million, or 26.9% at the end of the second quarter of 2013 compared to the second quarter of 2012, primarily due to an increase in Kate Spade inventory to support growth initiatives and the impact of the Kate Spade Japan acquisition.
Cash flow used in continuing operating activities for the last twelve months was ($8) million, including a $20 million advance refunded to JCPenney in February 2013.
Debt outstanding decreased to $490 million compared to $503 million in the second quarter of 2012. We ended the second quarter of 2013 with $9 million in cash and cash equivalents and marketable securities, compared to $174 million at the end of the second quarter of 2012. The $152 million increase in our net debt position over the last twelve months primarily reflected: (i) the funding of $103 million of capital and in-store shop expenditures; (ii) the payment of $41 million for the Kate Spade Japan acquisition; and (iii) the conversion of $23 million aggregate principal amount of our Convertible Notes into 6.5 million shares of our common stock.
Net sales and Segment Adjusted EBITDA for our reportable segments are provided below:
Net sales for Juicy Couture were $94 million, a 10.7% decrease compared to 2012, which primarily reflected decreases in our wholesale apparel and wholesale non-apparel operations.
Store counts and key operating metrics are as follows:
- We ended the quarter with 74 specialty retail stores, 50 outlet stores and 2 concessions, reflecting the closure (net of openings) of 6 specialty stores, 3 concessions and 2 outlet stores over the past 12 months;
- Average retail square footage in the second quarter was approximately 414 thousand square feet, a 1.7% decrease compared to 2012;
- Sales per square foot for comparable stores for the latest twelve months were $647; and
- Comparable direct-to-consumer sales (inclusive of e-commerce and concessions) decreased (4%) in the second quarter of 2013.
Juicy Couture Segment Adjusted EBITDA in the second quarter was ($4) million ((4.2%) of net sales), compared to Segment Adjusted EBITDA of $3 million (2.9% of net sales) in 2012.
Net sales for Lucky Brand were $109 million, a 2.4% decrease compared to 2012, reflecting decreases in our wholesale apparel and wholesale non-apparel operations, partially offset by increases in our outlet and e-commerce operations.
Store counts and key operating metrics are as follows:
- We ended the quarter with 171 specialty retail stores and 52 outlet stores, reflecting the opening (net of closures) of 8 outlet stores and the closure (net of openings) of 1 specialty retail store over the last 12 months;
- Average retail square footage in the second quarter was approximately 556 thousand square feet, a 0.7% increase compared to 2012;
- Sales per square foot for comparable stores for the latest twelve months were $463; and
- Comparable direct-to-consumer sales (inclusive of e-commerce) increased 2% in the second quarter of 2013.
Lucky Brand Segment Adjusted EBITDA in the second quarter was $4 million (3.7% of net sales), compared to Segment Adjusted EBITDA of $8 million (6.9% of net sales) in 2012.
Net sales for Kate Spade were $167 million, a 65.3% increase compared to 2012, reflecting increases across all operations in the segment. Net sales for the first three months of 2013 included $22 million of Kate Spade Japan net sales.
Store counts and key operating metrics are as follows:
- We ended the quarter with 97 specialty retail stores, 42 outlet stores and 39 concessions, reflecting the opening (net of closures) of 22 specialty retail stores, 13 outlet stores and 7 concessions over the last 12 months and the addition of 21 specialty retail stores and 32 concessions resulting from the Kate Spade Japan acquisition;
- Average retail square footage in the second quarter was approximately 247 thousand square feet, a 55.3% increase compared to 2012;
- Sales per square foot for comparable stores for the latest twelve months were $1,167; and
- Comparable direct-to-consumer sales (inclusive of e-commerce) increased 27% in the second quarter of 2013.
Kate Spade Segment Adjusted EBITDA in the second quarter was $24 million (14.3% of net sales), compared to Segment Adjusted EBITDA of $19 million (19.2% of net sales) in 2012.
Adelington Design Group
Net sales for the Adelington Design Group segment decreased $7 million, or 36.3%, in the second quarter to $12 million, reflecting a decrease across substantially all operations in the segment.
Adelington Design Group Segment Adjusted EBITDA in the second quarter was $2 million (15.5% of net sales), compared to Segment Adjusted EBITDA of $5 million (27.1% of net sales) in 2012.
Unallocated Corporate Costs decreased from ($20) million in the second quarter of 2012 to ($17) million in 2013, primarily reflecting reduced payroll and related expenses.
Men's Wearhouse Completes Acquisition Of Joseph Abboud Brand
- Published 08/7/2013
The Men's Wearhouse today announced that it has successfully completed its acquisition of JA Apparel Corp® ("Joseph Abboud"), the celebrated American clothing brand.
Doug Ewert, President and Chief Executive Officer at Men's Wearhouse said, "We are delighted to have closed on this acquisition promptly and have reunited Joseph Abboud with his iconic brand at Men's Wearhouse. This accelerates our strategy of offering exclusive brands with broad appeal at attractive prices. Current and future customers will benefit from authentic American designer clothing, manufactured in the USA, at unparalleled value."
Pursuant to the terms of the Merger Agreement, The Men's Wearhouse acquired JA Holding, Inc., the parent company of Joseph Abboud, in a cash merger transaction for approximately $97.5 million in cash, subject to certain adjustments, and JA Holding, Inc. will continue to operate as a wholly owned subsidiary of The Men's Wearhouse.
J.P. Morgan is serving as financial advisor to Men's Wearhouse, and Willkie Farr & Gallagher LLP is serving as legal advisor.
About Men's Wearhouse
Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,141 stores. The Men's Wearhouse, Moores and K&G stores carry a full selection of suits, sport coats, furnishings and accessories in exclusive and non-exclusive merchandise brands and Men's Wearhouse and Tux stores carry a limited selection. Most K&G stores carry a full selection of women's apparel. Tuxedo rentals are available in the Men's Wearhouse, Moores and Men's Wearhouse and Tux stores. Additionally, Men's Wearhouse operates a global corporate apparel and workwear group consisting of Twin Hill in the United States and Dimensions, Alexandra and Yaffy in the United Kingdom. For additional information on Men's Wearhouse, please visit the Company's websites at www.menswearhouse.com, www.mooresclothing.com, www.kgstores.com, www.twinhill.com, www.dimensions.co.uk and www.alexandra.co.uk.
About Joseph Abboud®
Joseph Abboud is a modern, sophisticated menswear and lifestyle destination embracing a redefined and authentic point-of-view that speaks to the new American man. With tailored clothing expertly crafted in the United States with the finest fabrics, Joseph Abboud epitomizes innovative design, superior fit and a distinct style, thoughtfully outfitting men through for every facet of their life. Applying a designer eye to an artful masculinity, Joseph Abboud is the ultimate source for foundation pieces, accentuated by on-trend details. The Company has seamlessly evolved from suiting and sportswear to encompass a wide array of product offerings that enrich every aspect of a man's life, including accessories, luggage, footwear, eyewear and home furnishings. JA Apparel Corp brand names include Joseph Abboud, JOE Joseph Abboud®, Joseph Abboud BOYS® and Joseph Abboud Home®. Joseph Abboud branded products are available in fine department stores and specialty stores throughout the United States, and more than fifty countries worldwide.
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Macy's, Inc. to Report Second Quarter 2013 Results on August 14
- Published 08/6/2013
Macy's, Inc. (NYSE:M) is scheduled to report its second quarter 2013 sales and earnings before the opening of financial markets on Wednesday, August 14, 2013.
The company will webcast a call with financial analysts and investors that day at 10:30 a.m. ET. Macy's, Inc.'s webcast is accessible to the media and general public via the company's Web site at www.macysinc.com. Analysts and investors may call in on 1-888-211-7360, passcode 3433211. A replay of the conference call can be accessed on the Web site or by calling 1-888-203-1112 (same passcode) about two hours after the conclusion of the call.
Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2012 sales of $27.7 billion. The company operates about 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's, as well as the macys.com and bloomingdales.com websites. The company also operates 12 Bloomingdale's Outlet stores. Bloomingdale's in Dubai is operated by Al Tayer Group LLC under a license agreement.
Nordstrom Reports Second Quarter 2013 Financial Results on August 15
- Published 08/5/2013
To listen to the LIVE conference call on August 15, 2013 at 4:45 p.m. EDT:
-- Dial 415-228-4850; Passcode: NORD.
-- Access the audio webcast and slides at http://investor.nordstrom.com.
To listen to the REPLAY:
-- A telephone playback will be available at 203-369-1448, beginning approximately one hour after the live conference call through the close of business on August 22. (A passcode is not required.)
-- An audio webcast and slides will be available at http://investor.nordstrom.com in the Earnings section, where it will be archived and available for one year.
Carter's, Inc. Reported Second Quarter Fiscal 2013 Results
- Published 07/28/2013
Carter’s, Inc. (NYSE:CRI), the largest branded marketer in the United States of apparel exclusively for babies and young children, today reported its second quarter fiscal 2013 results.
“Our second quarter results reflect strong sales growth driven by our Carter's brand retail stores, and our eCommerce and International operations”
“Our second quarter results reflect strong sales growth driven by our Carter's brand retail stores, and our eCommerce and International operations,” said Michael D. Casey, Chairman and Chief Executive Officer. “We've made good progress with our growth initiatives in the first half of this year, which include consolidating our operations in Atlanta, improving our supply chain capabilities, integrating our operations in Japan, and strengthening our information systems. We believe these initiatives will help enable the long term growth we envision for our business. We continue to expect good growth in sales and earnings this year.”
Second Quarter of Fiscal 2013 compared to Second Quarter of Fiscal 2012
Consolidated net sales increased $45.7 million, or 9.7%, to $517.9 million. Net domestic sales of the Company’s Carter’s brands increased $32.3 million, or 8.9%, to $396.1 million. Net domestic sales of the Company’s OshKosh B’gosh brand decreased $3.4 million, or 4.7%, to $67.7 million. Net international sales increased $16.8 million, or 44.9%, to $54.0 million.
Operating income in the second quarter of fiscal 2013 was $32.7 million, a decrease of $1.7 million, or 4.9%, from $34.4 million in the second quarter of fiscal 2012. Second quarter fiscal 2013 pre-tax income includes approximately $12.1 million in costs incurred in connection with the office consolidation, the revaluation of contingent consideration associated with the acquisition of Bonnie Togs in 2011, and amortization of recently acquired tradenames, which is detailed later in this release. Second quarter fiscal 2012 pre-tax income included expenses totaling approximately $1.8 million related to the previously-announced Hogansville, Georgia distribution center closure in 2013 and revaluation of the Bonnie Togs contingent consideration. The Hogansville facility is expected to close by the end of fiscal 2013. Excluding the facility consolidation and closure-related costs and acquisition-related expenses noted above, adjusted operating income in the second quarter of fiscal 2013 increased $8.6 million, or 23.8%, to $44.9 million. This compares to adjusted operating income of $36.2 million in the second quarter of fiscal 2012.
Net income in the second quarter of fiscal 2013 decreased $1.1 million, or 5.4%, to $19.7 million, or $0.33 per diluted share, compared to $20.8 million, or $0.35 per diluted share, in the second quarter of fiscal 2012. Excluding the facility consolidation and closure-related costs, and acquisition-related expenses noted above, adjusted net income in the second quarter of fiscal 2013 increased $5.3 million, or 23.8%, to $27.7 million, or $0.46 per diluted share. This compares to adjusted net income of $22.4 million, or $0.37 per diluted share, in the second quarter of fiscal 2012.
A reconciliation of income as reported under GAAP to adjusted income is provided at the end of this release.
Business Segment Results (Second Quarter of Fiscal 2013 compared to Second Quarter of Fiscal 2012)
Carter’s retail segment sales increased $30.1 million, or 17.8%, to $199.4 million. The increase was driven by incremental sales of $18.1 million from new store openings, a 39.0% increase in eCommerce sales, or $7.9 million, and a comparable store sales increase of 3.9%, or $5.6 million. This growth was partially offset by $1.5 million in lower sales due to store closings. In the second quarter of fiscal 2013, the Company opened 15 Carter’s retail stores. As of the end of the second quarter, the Company operated 438 Carter’s retail stores in the United States.
Carter’s wholesale segment sales increased $2.2 million, or 1.1%, to $196.7 million.
OshKosh B’gosh Segments
OshKosh retail segment sales decreased $1.9 million, or 3.2%, to $56.4 million. The decrease reflects a comparable store sales decline of $2.5 million, or 5.1%, and $2.5 million in lower sales due to store closings. The decreases were partially offset by $1.8 million in sales from new store openings, and a 24.9% increase in eCommerce sales, or $1.4 million. As of the end of the second quarter of fiscal 2013, the Company operated 164 OshKosh retail stores in the United States.
OshKosh wholesale segment sales decreased $1.5 million, or 11.6%, to $11.3 million.
International segment sales increased $16.8 million, or 44.9%, to $54.0 million, principally driven by growth in the wholesale channel and the Company's Canadian retail store business. Canadian comparable store sales declined 1.2%, reflecting a 7.2% decline in Bonnie Togs format stores and a 3.9% increase in Carter's / OshKosh co-branded stores. Japan operations contributed $4.7 million to segment sales.
Acquisition of Tradenames
On June 13, 2013, the Company acquired worldwide rights to Carter's Watch the Wear and H.W. Carter & Sons brands. The Company believes the acquisition reduces possible brand confusion and facilitates expansion in certain key international markets. Total consideration paid for these assets was approximately $38.0 million in cash. This transaction was recorded as an asset acquisition and the value of the tradenames is being amortized on an accelerated basis over three years.
First Half of Fiscal 2013 compared to First Half of Fiscal 2012
Consolidated net sales increased $85.1 million, or 8.3%, to $1,108.9 million. Net domestic sales of the Company’s Carter’s brands increased $62.2 million, or 7.9%, to $852.7 million. Net domestic sales of the Company’s OshKosh B’gosh brand decreased $8.1 million, or 5.4%, to $141.3 million. Net international sales increased $30.9 million, or 36.8%, to $114.9 million.
Operating income in the first half of fiscal 2013 was $99.7 million, an increase of $11.5 million, or 13.0%, from $88.2 million in the first half of fiscal 2012. Pre-tax income for the first half of fiscal 2013 includes approximately $21.6 million in costs incurred in connection with the office consolidation, the revaluation of contingent consideration associated with the acquisition of Bonnie Togs in 2011, costs associated with the Hogansville distribution center closure, and the amortization of acquired tradenames noted above. Pre-tax income for the first half of fiscal 2012 includes expenses totaling approximately $3.6 million related to the Hogansville distribution center closure and revaluation of the Bonnie Togs contingent consideration. Excluding the facility consolidation and closure-related costs, and acquisition-related expenses noted above, adjusted operating income in the first half of fiscal 2013 increased $29.4 million, or 32.0%, to $121.3 million. This compares to adjusted operating income of $91.8 million in the first half of fiscal 2012.
Net income in the first half of fiscal 2013 increased $8.0 million, or 15.1%, to $61.1 million, or $1.02 per diluted share, compared to $53.1 million, or $0.89 per diluted share, in the first half of fiscal 2012. Excluding the facility consolidation and closure-related costs, and acquisition-related expenses noted above, adjusted net income in the first half of fiscal 2013 increased $19.4 million, or 34.6%, to $75.4 million, or $1.26 per diluted share. This compares to adjusted net income of $56.0 million, or $0.94 per diluted share, in the first half of fiscal 2012.
A reconciliation of income as reported under GAAP to adjusted income is provided at the end of this release.
Cash flow from operations in the first half of fiscal 2013 was $69.8 million compared to cash flow from operations of $89.9 million in the first half of fiscal 2012. The decrease principally reflects changes in working capital.
Business Segment Results (First Half of Fiscal 2013 compared to First Half of Fiscal 2012)
Carter’s retail segment sales increased $61.3 million, or 17.7%, to $407.8 million in the first half of fiscal 2013. The increase was driven by incremental sales of $37.4 million from new store openings, as well as a comparable store sales increase of 2.2%, or $6.5 million, and a 49.7% increase in eCommerce sales, or $21.2 million. This growth was partially offset by $3.7 million in lower sales due to store closings. In the first half of fiscal 2013, the Company opened 27 Carter’s retail stores and closed two.
Carter’s wholesale segment sales increased $0.9 million, or 0.2%, to $444.9 million.
OshKosh B’gosh Segments
OshKosh retail segment sales decreased $4.5 million, or 3.9%, to $111.8 million. The decrease reflects a comparable store sales decline of $7.2 million, or 7.3%, and $5.0 million in lower sales due to store closings. The decreases were partially offset by a 35.8% increase in eCommerce sales, or $4.2 million, and $3.5 million in sales from new store openings. In the first half of fiscal 2013, the Company closed four OshKosh retail stores.
OshKosh wholesale segment sales decreased $3.6 million, or 10.8%, to $29.5 million.
International segment sales increased $30.9 million, or 36.8%, to $114.9 million, principally driven by growth in the wholesale channel and the Company's Canadian retail store business. Canadian comparable store sales declined 2.5%, reflecting an 8.7% decline in Bonnie Togs format stores and a 3.4% increase in Carter's / OshKosh co-branded stores. Japan operations contributed $8.2 million to segment sales.
Stock Repurchase Program
On May 9, 2013, our Board of Directors authorized the Company to repurchase shares of its common stock up to $300 million, inclusive of amounts remaining under previous authorizations. Such purchases may be made in the open market or in privately negotiated transactions, with the level and timing of activity being at the discretion of the Company's management depending on market conditions, stock price, other investment priorities, and other factors. This share repurchase authorization has no expiration date.
During the second quarter of fiscal 2013, the Company repurchased 433,402 shares of its common stock for $28.8 million at an average price of $66.49 per share. During the first half of fiscal 2013, the Company repurchased 590,002 shares for $37.8 million at an average price of $63.99 per share. Year-to-date through July 24, 2013, the Company has repurchased a total of 703,902 shares for $46.2 million at an average price of $65.62 per share. As of July 24, 2013, the total remaining capacity under the Board of Directors authorization was $275.2 million.
On May 9, 2013, the Company announced the initiation of a quarterly cash dividend of $0.16 per share, which was paid on June 14, 2013 to holders of record as of May 31, 2013. Future declarations of quarterly dividends and the establishment of future record and payment dates will be at the discretion of the Company’s Board of Directors based on a number of factors, including the Company's future financial performance and other considerations.
Capital Structure Review / Planned Financing Transaction
As part of the Company's ongoing review of opportunities to improve its capital structure and to take advantage of historically attractive interest rates, the Company plans to engage in a financing transaction to raise new debt to fund the return of additional capital to shareholders. The amount, type, terms, and timing of this financing and the method of any return of capital are subject to market and business conditions, including interest rates, Company performance, and other considerations.
2013 Business Outlook
For the third quarter of fiscal 2013, the Company expects net sales will increase approximately 12% compared to net sales of $669 million in the third quarter of fiscal 2012. The Company expects adjusted diluted earnings per share to increase in the low single digit percentage range compared to adjusted diluted earnings per share of $1.02 in the third quarter of fiscal 2012. This forecast for third quarter fiscal 2013 adjusted earnings per share excludes anticipated expenses of approximately $10 million to $12 million related to the office consolidation, approximately $6 million related to the amortization of acquired tradenames discussed above, approximately $1 million to $2 million for earn-out arrangements related to the acquisition of Bonnie Togs and the previously-announced distribution center closure, or other items the Company believes to be non-representative of underlying business performance.
For fiscal 2013, the Company expects net sales will increase approximately 8% to 10% compared to net sales of $2.4 billion in fiscal 2012. The Company expects adjusted diluted earnings per share to increase approximately 15% to 17% compared to adjusted diluted earnings per share of $2.85 in fiscal 2012. This forecast for fiscal 2013 adjusted diluted earnings per share excludes anticipated expenses of approximately $37 million to $41 million related to the office consolidation, approximately $14 million related to the amortization of acquired tradenames discussed above, approximately $5 million for earn-out arrangements related to the acquisition of Bonnie Togs and the previously-announced distribution center closure, or other items the Company believes to be non-representative of underlying business performance.
The Company will hold a conference call with investors to discuss second quarter fiscal 2013 results and its business outlook on July 25, 2013 at 8:30 a.m. Eastern Time. To participate in the call, please dial 913-312-1430. To listen to a live broadcast of the call on the internet, please log on to www.carters.com and select the “Second Quarter 2013 Earnings Conference Call” link under the “Investor Relations” tab. Presentation materials for the call can be accessed under the same "Investor Relations" tab by selecting the “Webcasts & Presentations” link under the “News & Events” tab. A replay of the call will be available shortly after the broadcast through August 3, 2013, at 888-203-1112 (U.S. / Canada) or 719-457-0820 (international), passcode 3235905. The replay will also be archived on the Company's website.
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Hanes Buying Maidenform
- Published 07/24/2013
The deal would add brands like Maidenform, Flexees and Self Expressions to the Hanesbrand roster that includes Playtex, Bali, Champion, Wonderbra and its namesake Hanes.
Fashion Meets Function with Proto Labs
- Published 07/16/2013
Everpurse Utilizes a Built-In Charger for On the Go Phone Charging
A dying phone battery and no access to a charger is no problem for carriers of the Everpurse, the latest recipient of the Proto Labs (NYSE: PRLB) Cool Idea! Award.
“It solves a problem. In this case, Everpurse was able to integrate design ingenuity into an everyday item and make charging technology fit a woman’s lifestyle, instead of the other way around.”
From the outside, Everpurse looks like nothing more than a stylish purse. However, built into its inner wall is a wireless charging dock, which allows the user to attach their phone for a convenient charge. Everpurse also comes with an inductive charging mat which charges the purse wirelessly. Simply place Everpurse on the mat, and after six hours the purse holds enough power to recharge a dead smartphone twice.
“Everpurse has a hallmark characteristic of a Cool Idea! Award winner,” says Larry Lukis, founder and chairman of Proto Labs. “It solves a problem. In this case, Everpurse was able to integrate design ingenuity into an everyday item and make charging technology fit a woman’s lifestyle, instead of the other way around.”
The purses, which come in leather, crocodile and fabric options, are designed exclusively for Everpurse by two Chicago-based fashion designers, and are assembled there as well. With Proto Labs manufacturing the parts for the charging mats and docks, the majority of Everpurse is made in the United States.
“One of our goals has been to produce as much of the Everpurse system as possible in the U.S., and using Proto Labs for manufacturing has been key,” says Dan Salcedo, co-founder and chief technology officer at Everpurse. “The best part about working with Proto Labs, in addition to the Cool Idea! Award, is the availability of its customer service team. We really appreciated that Proto Labs’ staff took the time to educate us on the manufacturing process, which ultimately led to an improved end product.”
Proto Labs launched the Cool Idea! Award in 2011, which gives a total of $250,000 each year to entrepreneurs developing new products in the United States and Europe. Unlike other product awards that recognize products after they’re in mass production and on store shelves, the Cool Idea! Award is meant to help cool ideas come to life and into real products. For more information about the Cool Idea! Award and how to apply visit www.protolabs.com/CoolIdea.
About Proto Labs
Proto Labs (PRLB) is a leading online and technology-enabled quick-turn manufacturer of low-volume CNC-machined and injection molded custom parts for prototyping and short-run production. The company provides “Real Parts, Really Fast” to product developers worldwide and has two quick-turn services in North America, Europe and Japan: Firstcut (www.firstcut.com) CNC machining and Protomold (www.protomold.com) injection molding. Both are capable of providing parts in as fast as one business day. Product developers who use Proto Labs for prototypes and short-run production can upload a 3D CAD file at any one of Proto Labs online sites, get an interactive quotation and place an order for Proto Labs services directly online. For more information, visit: www.protolabs.com.
Everpurse is a handbag that charges a smartphone wire-free and without the need for a special case. It features a patent-pending docking system at the bottom of a specially designed pocket and an internal battery bank system in the lining of the purse that stores enough power to charge most smartphones twice in one day. Everpurse is charged on an inductive charging mat. The mat sends energy wirelessly to the purse using inductive coils. For best results leave Everpurse on its charging mat overnight, and it will have a full charge the next morning. For more information, check out everpurse.com.
Nordstrom Rack To Open At Willowbrook Mall In Houston
- Published 07/10/2013
Seattle-based Nordstrom, Inc. announced yesterday plans to open a third Houston-area Nordstrom Rack at Willowbrook Mall. The approximately 38,000-square-foot store is scheduled to open in fall 2014. Willowbrook Mall is owned and managed by General Growth Properties (NYSE: GGP).
Nordstrom Rack is the off-price retail division of Nordstrom, Inc., offering customers a wide selection of on-trend apparel, accessories, and shoes at an everyday savings of 30-70% off regular prices. The Rack carries merchandise from Nordstrom stores and Nordstrom.com and specially purchased items from many of the top brands sold at Nordstrom. The Rack provides the ultimate treasure hunt to style-savvy customers.
Nordstrom first came to Houston with the opening of its full-line store at The Galleria in 2003. The first Houston Rack store opened at Centre at Post Oak in 2010. Nordstrom has continued to expand across Houston, with the 2011 opening of a Rack at The Market at Town Center and a recently announced full-line store at The Woodlands Mall to open September 5, 2014.
"We've been looking for opportunities to better serve Houston customers as we continue to grow," said Geevy Thomas, president of Nordstrom Rack. "We are grateful for the great response to our Rack stores at Post Oak and in Sugar Land, and are eager for the chance to earn our customers' business in North Houston at Willowbrook Mall."
The single-level Nordstrom Rack will be new construction, with an exterior entrance on the northwest side of the mall and an interior entrance from the northwest wing, which will be renovated by GGP.
"Our goal is to provide our shoppers with the best in retail. This is the only Nordstrom Rack on the north/northwest side of the greater Houston area," said Richard Pesin, executive vice president of anchors, construction and development for GGP. "Nordstrom Rack has successfully married fashion, style and affordability with unparalleled customer service. Nordstrom Rack joins a stellar list of fashion retailers at Willowbrook."
About Willowbrook Mall
Willowbrook Mall is a 1.4-million-square-foot mall located in northwest Houston. Willowbrook Mall is currently anchored by Macy's, Macy's Men's & Furniture, Dillard's, jcpenney and Sears. Willowbrook Mall features an exciting variety of the most sought-after retailers in America including Abercrombie & Fitch, Apple, Michael Kors, Banana Republic, bareMinerals, bebe, Buckle, Coach, Caché, Clarks, Foreign Exchange, GUESS, H&M, Sephora, Soma Intimates and Swarovski. More than 19 million shoppers a year visit Willowbrook Mall.
John Varvatos Fall 2013 Features Willie Nelson and Sons
- Published 07/9/2013
Lukas and Micah Join Their Father, American Music Icon and Outlaw, Willie Nelson
Short film by Danny Clinch debuts on JohnVarvatos.com on July 9th
The new campaign for the John Varvatos brand pairs country music legend Willie Nelson (who recently celebrated his 80th birthday) with his two sons Lukas and Micah Nelson, also emerging artists. The iconic black and white images were shot in Des Moines, Iowa by distinguished photographerDanny Clinch at the historic Salisbury House, where the three men form a stately Nelson family portrait.
Willie Nelson is one of the most recognized American singer-songwriter icons as well as a celebrated author, poet, actor and progressive activist. Willie says, "John Varvatos' clothes look and feel good on your skin and are made for every man...and his sons." His son Lukas adds, "We all seem to have a similar outlook on life and it was nice to have my whole family together in the same room for this shoot." Micah comments, "When you dress sharp in John Varvatos, it's easy to feel like the biggest gangster badass in the room."
"In all the iconic music ad campaigns we have shot over the last eight years, I have never been so moved as I was working with Willie Nelson and his sons," says designer John Varvatos. "Willie is a true American Icon and it runs deep in the bloodline. I am proud to be friends with Willie and his beautiful family."
According to Stephen Niedzweicki, Founder/Chief Creative Officer of YARD, "This season brought an opportunity to not only shoot a music legend but pair him with his two sons who have both been brought up on the road and now have musical visions and careers of their own."
Known for its outstanding 1920's architecture, rare decorative art, and inspiring landscape, Varvatos felt that the Salisbury House was the perfect backdrop for the campaign's 3-minute 16-second short film, which premieres on JohnVarvatos.com on July 9th. Niedzweicki says, "We created a mini documentary featuring Willie and his sons playing guitar together and performing 'Still is Still Moving to Me,' cut with moments of the three talking music and style influences."
Photographer Danny Clinch adds, "Willie Nelson stands for living your life on your own terms and being respected for it. The shoot showed the strength of the Nelson bond and the film showed the camaraderie and special heartfelt connection between father and sons."
The latest John Varvatos campaign follows 18 seasons conceived by Yard and photographed by Danny Clinch, all of which underscore the brand's affinity for rock 'n' roll style-makers. Past collaborators include Jimmy Page andGary Clark Jr., Paul Weller and Miles Kane, Green Day, The Roots, Dave Matthews, Perry Farrell, Cheap Trick, Alice Cooper, Velvet Revolver, Iggy Pop, Chris Cornell, Joe Perry, Slash, among others.
Click here to view and share the John Varvatos campaign film featuring Willie Nelson and sons:
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Dillard's Amends and Extends Revolving Credit Facility
- Published 07/1/2013
Dillard's, Inc. (DDS-NYSE) ("Dillard's" or "the "Company") announced today that it has amended and extended its $1 billion senior secured revolving credit facility, taking advantage of favorable market conditions. The facility pricing was improved and the maturity has been extended an additional year to July 1, 2018.
The amended facility is available to the Company for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. There are no financial covenant requirements under the credit agreement provided availability exceeds $100 million.
The credit facility was arranged by J.P. Morgan Securities LLC and Wells Fargo Capital Finance, LLC