Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at email@example.com in case you need any other additional information.
Gross margin rate decreased 610 basis points to 24.8 per cent, as compared to last year’s fourth quarter, primarily due to deeper than planned promotions and increased markdowns to address inventory levels, as well as the strategic decision to right size or exit certain product categories, combined with deleverage on lower sales, the company said in its financial result for the quarter.
Net loss totalled $17.2 million, or $0.46 per share, compared to a net loss for the prior year period of $46.6 million, or $1.26 per share, which included $37.5 million, or a $1.02 loss per share, to record a valuation allowance for the company’s deferred tax assets.
Merchandise inventory, at cost, was down approximately 13.0 per cent, as compared to the prior fiscal year end.
“While our fourth quarter results were disappointing, I am confident we have identified the key issues facing the company and are well down the path to addressing them. Over the next several quarters we will take aggressive steps to (i) develop a differentiated product assortment with a greater mix of relevant fashion and establish a consistent flow of newness, (ii) recapture Missy customers by rebalancing the MPW assortment, and (iii) address the underperformance of our outlets through a cross functional team dedicated to ensuring their planning, buying, and allocation needs are addressed promptly and effectively,” Joel Waller, interim president and chief executive officer, commented on the result.
“Given that we are making a number of changes in the business over the next several months and that enhancements to the merchandise assortment are not expected to be fully reflected until the third quarter, for the near term we will not be providing sales and EPS guidance. Overall, we believe that these strategic initiatives will strengthen our competitive positioning within the retail landscape and will drive improved and more consistent financial performance for our stakeholders over the long term, beginning in the second half of fiscal 2017,” he added.
For the 2017 fiscal year, the Company currently expects capital expenditures to be approximately $6.5 million to $7.5 million. (RR)
Fibre2Fashion News Desk – India
| On 30th Nov 2020
Scientists at the University of York and the Royal College of Art are ...
Material Exchange has announced the closing of a €5 million funding...
| On 30th Nov 2020
Gap Inc, a US-based specialty apparel company, has reported its...
Textiles & allied industry
Textiles industry is always in the forefront in accepting latest technology
Abhimanyu Singh Rathore & Barbara Anna Kosiorek
‘Blending cultures is the true beauty of fashion, where one’s imagination...
‘There is huge demand in the Indian lingerie market for non-wired styles.’
Turkey's Canlar Mechatronics is a leading designer and manufacturer of...
Founded in 1974, Italian firm Zaitex SpA is one of the leading suppliers...
Textile Events is one of the largest textile fair in the United Kingdom,...
Suominen Corporation is a manufacturer of nonwovens as roll goods for...
Fitesa is a leader in the nonwoven fabrics industry, specialising in...
It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...
Twee In One
Best known for convertible clothing, Indian brand Twee In One by designer...
Sandeep and Sarah Shaikh Gonsalves
SS Homme celebrates the craft of traditional tailoring through the bespoke ...
<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.