July 9th, 2012

...now browsing by day

 

PriceSmart Q3 Profit Declines, Shares Down

Monday, July 9th, 2012

PriceSmart Inc., an operator of membership warehouse clubs, Monday reported a decline in profit for the third quarter, hurt mainly by higher expenses. Earnings and revenues for the quarter fell short of analysts’ expectations. Following the news, shares of PriceSmart fell about seven percent in after-hours trade.

The San Diego, California-based company’s net income for the quarter dropped to $15.7 million or $0.52 per share from $16.3 million or $0.55 per share last year. On average, five analysts polled by Thomson Reuters expected earnings of $0.60 per share for the quarter. Analysts’ estimates typically exclude special items.

PriceSmart, which operates warehouse shopping clubs in Central America, Latin America and the Caribbean, said total revenues for the quarter grew to $506.8 million from $431.1 million last year. Wall Street analysts on consensus estimated revenues of $510.68 million for the quarter.

Net warehouse club sales increased 17.4 percent to $494.9 million from last year. Comparable warehouse club sales, or sales in the warehouse clubs that have been open for greater than 13 1/2 calendar months, grew 12.9 percent.

Total operating expenses for the quarter increased to $481.4 million from $409.3 million last year.

PSMT closed Monday’s trading on the Nasdaq at $63.05, down 0.14%, on a volume of 0.5 million shares. The stock further lost 7.06% in after-hours trade.

Posted in Apparel, Brand, Finance, News, Retail | No Responses »

NIKE Says Larry Miller To Rejoin Co. As President Of Jordan Brand

Monday, July 9th, 2012

NIKE, Inc. said Larry Miller will rejoin Nike as President of the Jordan Brand. Miller will be responsible for driving the global growth strategy for all aspects of the Jordan Brand and will report directly to Trevor Edwards, Vice President Global Brand and Category Management for Nike.

Miller replaces Keith Houlemard, who will now lead the company’s future worldwide Olympic efforts as General Manager where he will be responsible for driving category and brand management strategies supporting key sports marketing partnerships and business across the globe.

Miller, most recently served as President of the Portland Trail Blazers.

Posted in Activewear, Apparel, Brand, Labor, News | No Responses »

Former Mothercare CFO to join Cath Kidston

Monday, July 9th, 2012

Former Mothercare CFO Neil Harrington is set to join clothing and homewares retailer Cath Kidston later this year a spokesperson for the company confirmed today (9 July).

Harrington resigned from children’s wear retailer Mothercare in April after serving six years as financial director. The retailer is in the process of cutting its UK store count by one-third, from 311 to around 200 stores, as part of plans to turnaround its business.

He previously served as finance director of George at Asda in the UK, as well as group financial controller at clothing retailer French Connection.

Posted in Apparel, Brand, Children, Labor, News, Retail | No Responses »

Tom Ford to open first london flagship

Monday, July 9th, 2012

American fashion designer Tom Ford is set to open his first flagship store in the UK on Sloane Street, becoming the latest addition to the leading luxury retail destination and reinforcing Sloane Street’s reputation.

Tom Ford will be the new anchor at The Cadogan Estate’s new 201-206 Sloane Street development, leasing an 8,000 sq ft store on a 10-year lease at £1.34 million per annum, joining Alberta Ferretti, which recently acquired a 6,000 sq ft unit for a new concept store.

The flagship store, which is scheduled to open in 2013, will carry the designer’s full product range, including menswear, which is currently only available at Selfridges.

Hugh Seaborn, Chief Executive, The Cadogan Estate, said: “We are delighted to have secured such a big name fashion brand as the anchor to 201-206 Sloane Street. With Tom Ford’s arrival – and Alberta Ferretti also opening a flagship store, it enhances the ‘super luxury’ offering of the development and seals its reputation as a world-class fashion destination.”

Ed Humbert, Senior Director, Central London Retail, CBRE, added: “The luxury retail sector is performing incredibly well against a challenging economic climate and we are seeing strong demand for prime retail space.

“Sloane Street is very much in demand and is already home to numerous international leading fashion brands; however, the arrival of Tom Ford’s first London store is major news for The Cadogan Estate – it can only enhance Sloane Street’s luxury offering further.”

Other luxury brand’s already on the street include Chanel, Gucci and Louis Vuitton.

Posted in Apparel, Brand, Men, News, Retail | No Responses »

Abercrombie & Fitch to close 180 stores

Monday, July 9th, 2012

Ailing retailer Abercrombie & Fitch is to close over 180 stores in a bid to increase the company’s profitability. The collegiate fashion business said it would focus on its international expansion program, according the A&F’s Chief Financial Officer Jonathan Ramsden, which saw strong growth in the last year.

Ramsden spoke during the Deutsche Bank GlobalConsumer Conference in Paris where he confirmedthe company closed 135 underperforming stores in the United States in the last two years in addition to planning to close 180 more units in order to achieve higher profit margins. “Most of these closures willregard the A&F and Kids brands with a smaller number of closures for Hollister”, said Ramsden.

At the end of the first quarter of 2012 the American retailer had 107 international stores, including 81 boutiques in Europe, where the first store opened in 2007 in London, in the former Jil Sander flagship off Savile Row.

A&F’s international business soared to 30% of total revenues, a strong growth compared to 2008 when it made up only 10% of the company’s turnover. Other than the European market, A&F aims to further develop in the Asian market, where it currently operates through just seven points of sale. The first focus will be Greater China, with a debut a flagship opening in Hong Kong.

The Middle East, Australia and Latin America are also targeted markets for its international expansion programme.

Posted in Apparel, Brand, Men, News, ladies | No Responses »

Brioni names Brendan Mullane creative director

Monday, July 9th, 2012

Brioni, one of the world’s leading gentlemen’s outfitters, has appointed British Brendan Mullane as its new creative director, effective today.

The former senior head menswear designer at Givenchy will be based in Rome, reporting directly to the CEO, Francesco Pesci, and his first collection for the Italian brand will bow for autumn/winter 2013.

In the press statement, the Italian label owned by luxury group PPR, confirmed that in his new role, Mullane will be responsible for “maintaining the undisputed leadership of Brioni in the high-end

menswear market and will be responsible for the whole product portfolio of the brand”.

Commenting on his appointment, Mullane said: “I’m very glad and honoured to join such a prestigious house as Brioni, whose quintessential Italian timeless elegance has gained worldwide recognition in menswear. I’m looking forward to work with Brioni’s sartorial artisans to continue developing the brand while staying true to its roots.”

Prior to working at Givenchy, the British-born designer also held posts at Hermes, Burberry, Louis Vuitton and Alexander McQueen.

Brioni was founded in Rome in 1945 and was named the most prestigious men’s fashion brand in the US in 2007 and 2011, according to an independent survey overseen by the Luxury Institute of New York.

Posted in Apparel, Brand, Labor, News | No Responses »

Ittierre extends Aquascutum licence

Monday, July 9th, 2012

Italian licensing group Ittierre has announced that it is extending its agreement with British heritage brand Aquascutum from five to 30 years following the brand’s acquisition by YGM Trading.

The terms of the licence remain the same as before the brand’s administration, covering the production and distribution of Aquascutum ready-to-wear and accessories collections, for both men and women in Continental Europe, Russia and the Middle East, excluding the UK.

Ittierre, which also holds the European licences for brands including Tommy Hilfiger and Karl Lagerfeld, has significantly extended the length of the license after being satisfied with the new set up at Aquascutum after its sale to YGM in May.

Ittierre general manager Alessandro Locatell said: “We are very satisfied about the new picture for Aquascutum with YGM. We have just extended the partnership and we are very happy to work together with YGM as a unique partner and a unique brand owner.”

Hong Kong-based YGM Trading, which owned the Aquascutum brand in 42 countries across Asia, took control of the British retailer including its UK stores, concessions, and head office operations back in May, after the business fell into administration in April citing tough trading conditions.

Posted in Apparel, Brand, Finance, News, Operations, Retail | No Responses »