Flávia Linden
Olivia P
Lina S
Guiri Uribe
Weronika Kumanek
Stage Stores Inc reported net income for the fourth quarter ended January 29, 2011 of $32.0 million versus $27.9 million for the prior year fourth quarter ended January 30, 2010. Diluted earnings per share for the quarter increased 19% to $0.86 this year from $0.72 last year.
For the 2010 fiscal year, the Company reported net income of $37.6 million versus $28.7 million for the 2009 fiscal year. Diluted earnings per share for the year increased 32% to $0.99 this year from $0.75 last year.
The Company also reported that it completed its $25 million Stock Repurchase Program during the fourth quarter. The Company repurchased approximately 0.3 million shares during the quarter. In total, the Company repurchased approximately 2.0 million shares under its $25 million Stock Repurchase Program.
Commenting on the Company's fourth quarter and full year results, Andy Hall, President and Chief Executive Officer, stated, We are very pleased with our 19% increase in fourth quarter earnings per share. The improved EPS was primarily driven by a 5.1% increase in total sales coupled with a 130 basis point improvement in our gross profit rate.
We are also very pleased with our 32% increase in earnings per share for the year. A 2.7% increase in total sales combined with a 90 basis point improvement in our gross profit rate accounted for most of the year-over-year improvement in EPS.
As consumer demand for imported luxury goods grows in China, significant opportunity for expansion into the country’s consumer goods market exists for leading global brands. However, this opportunity is accompanied by numerous challenges as China has stringent GB standards in place for imported textiles, apparel, leathergoods, footwear and fashion accessories to ensure quality, safety and protection of consumer rights.
These challenges were the focus of a forum addressing the developments and prospects of China’s consumer products market, held in Beijing by Intertek, a leading provider of quality and safety solutions serving a wide range of industries around the world, and the China Association of Enterprises with Foreign Investment (CAEFI).
The forum enabled the nearly 200 attendees from global consumer goods brands and retailers to gain a better understanding of the Chinese standardization system, the difference between mandatory and voluntary standards, and requirements for importing products.
Presentations and discussion focused on new standards for imported consumer goods, specifically GB 18401-2010 for textile products, which will be enforced beginning August 1, 2011; regulations enforced by the General Administration of Quality, Inspection and Quarantine (AQSIQ); quality and safety requirements for hardlines and textiles; mandatory certification requirements for electrical and electronic products and toys; and quality requirements, market supervision and inspection procedures for healthcare and cosmetic products.
The event featured presentations by Intertek’s China Domestic Market Service division and CAEFI, as well as several high-ranking Chinese officials representing government agencies, including the Ministry of Commerce, Ministry of Commerce Foreign Trade Department, Consumer Rights Protection Bureau of the State Administration for Industry & Commerce and the China Quality Certification Center.
The GERRY WEBER Group continued its impressive success story in the fiscal year 2009/2010. At EUR 621.9 million, Group sales were up by 4.7 percent on the previous year's EUR 594.1 million.
"The excellent performance of our three brands was preceded by a consistent modernisation process. We have clearly rejuvenated our collections over the past years and now present a clear and consistent signature and an even more stylish design across all three brands," said CEO Gerhard Weber.
"But the collections have not only been rejuvenated but also been downsized markedly in response to retailers' requests. The use of high-quality materials such as cashmere and leather has additionally given the collections a more international appeal, so that they now cater to the taste of consumers who want excellent quality and modern design."
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 13.9 percent from EUR 83.6 million to EUR 95.2 million. Earnings before taxes (EBIT) climbed 17.0 percent from EUR 71.2 million to EUR 83.3 million, while earnings before taxes (EBT) rose by 19.9 percent from EUR 66.4 million to EUR 79.6 million.
The respective margins increased accordingly. At EUR 54.0 million, net income for the year was up 25.6 percent on the previous year's EUR 43.0 million. DVFA earnings per share improved from EUR 2.08 (based on 20,661,848 shares outstanding) to EUR 2.53 (based on 21,317,242 shares outstanding). The return on equity, based on earnings before interest and taxes, stood at 39.6 percent - compared to 44.8 percent in the previous year - due to the sale of own shares. The return on investment, based on EBIT, climbed from 24.3 percent to 25.5 percent.
To give the shareholders an appropriate share in the company's excellent performance, the Managing Board will propose a profit distribution of EUR 1.10 per voting share to the Annual General Meeting. The dividend will thus be approx. 30 percent higher than in the previous year.
On 31 October 2010, GERRY WEBER International AG employed 2,699 people, 279 people more than in the previous year. All 279 jobs were created in Germany.
For the current fiscal year, the GERRY WEBER Group projects Group sales of approx. EUR 700 million, which would represent an increase by more than 10 percent.
The EBIT margin is expected to climb to over 14 percent. The company projects double-digit sales growth also for the next two to three fiscal years. "In the past fiscal year, we have adapted our brand policy even more closely to consumers' requirements," Gerhard Weber concluded. "We continue to expand the lead over our competitors and are ideally positioned to reach our growth targets."
The company plans to further accelerate the expansion of its own Retail activities in the current fiscal year. Going forward, the company intends to open between 65 and 75 own HOUSES OF GERRY WEBER per year, plus another 60 to 70 franchised stores per year. Outside Germany, new HOUSES OF GERRY WEBER are planned primarily in Switzerland, Austria, Denmark, the UK and Spain. The company also projects high growth rates for the GERRY WEBER eShop.
As a strong partner to the retail sector, the GERRY WEBER Group will open some 200 new shop-in-shops in the current fiscal year. At the same time, cooperations with retailers under maximum order limit arrangements will be expanded.
Interstoff Asia Essential Spring, Hong Kong’s prime sourcing ground for fashion, functional and eco textiles, kicks off next week from 16 – 18 March 2011. The three day trade fair opens with a series of inspirational and informative value added events together with some 210 exhibitors showcasing their latest fabrics and textile related collections in Halls 1 D and E at the Hong Kong Convention & Exhibition Centre.
Some of the exhibitors are classified into country / region pavilions representing Elite China, Fine Japan, Amazing Taiwan, and Premium Korea. Among the participating suppliers in these areas are: Toray and Teijin from Japan, Wujiang Deyi Fashions Cloths Co Ltd and Tongling Worldbest Linen & Ramie Textile Co Ltd from China, Flourish Textile Co Ltd from Taiwan, Honway Asia Limited and Yee Fung Hong Ltd from Hong Kong, Quantum Energy Co Ltd from Korea. Buyers will find a variety of products from wide range knitted fabrics and functional materials to eco button and embroideries.
The Green Zone groups eco suppliers and certifiers together. Leading eco certifiers GOTS, IMO, Control Union and OneCert are among the participants in this special zone.
In addition to the range of products offered, several events are specifically organised to complement and highlight exhibitors’ products. One of these features is a new collaboration with Raffles International College Hong Kong, where 21 design students have worked with several exhibitors to create 60 pieces that will be paraded during the ‘Fabrics to Fashion Walk’. “Our students are international, so each design has a unique story that gives people a different impression for every collection,” said Mr Eric Ho, Director for the design school.
He further observed: "Interstoff Asia Essential has given our students a great opportunity to get hands on experience in a real working environment. This will help them understand the textile and garment industry and show them what it takes to be in this competitive business."
Ms Wendy Wen, Director, Trade Fairs for Messe Frankfurt HK Ltd, believes the partnership is a strong focal point at the spring fair: “We are very excited about this new affiliation – we feel that it’s important to support design talent especially here in Asia. We are certain that attendees will enjoy the show and be inspired by the students’ creativity.” From the 60 pieces, 16 have been pre-selected by world renowned trend forecasters, NellyRodi Agency, based in Paris, France, for display at the Interstoff Directions trend forum. The outfits and trend forum offer a glimpse into what fabrics, colours and textures will be in style for Spring/Summer 2012 (SS12). Models will also be at hand at participating exhibitors booths to draw attention to the special student design collections.
The AWEX Regional Indicators finished 1.6% higher, on average, at sales in Newcastle, Melbourne and Fremantle this week when the US exchange rate rose by 0.8%.
The AWEX Eastern Market Indicator is now over 1300¢ and the season average (1015¢) is above 1000¢ for the second successive week. The season average is 155¢ (18%) above the average to the same time last season.
44,733 bales were on offer, compared with 48,941 bales last week. 4.1% were passed in, comprised of 1.9% in Newcastle, 4.1% in Melbourne and 6.7% in Fremantle. Pass-in rates for Merino fleece and skirtings were 3.9% and 5.3%, respectively.
42,879 bales were cleared to the trade.
The US exchange rate had a mixed week, with currency markets reacting both negatively and positively to varying economic news during the week. US currency remains relatively weak, with the global US Dollar Index at its lowest level since September.
Sales opened very strongly in the last Newcastle sale of the season, when the AWEX MPGs for 17 to 18.5 micron wool were up by amounts varying from 73 to 97¢ on Tuesday and increased by around another 10¢ over the next two days. There was strong demand for superior types. The national averages changes were much lower due to smaller changes in other markets. The closing average MPGs for 16.5 to 18 5 micron wools now range from 1900¢ to 2600¢.
Strong, but more modest, gains were made in the medium and broader Merino wools.
The closing EMI is up by 276¢ (26.8%) since the start of January and by 425¢ (48.2%) since the start of the season. The EMI in US currency (1327¢) is up by 71.6% since the start of the season.
Price for Merino skirting types lifted sharply in Newcastle on Tuesday, in line with fleece wool. Overall demand was good during the week and finished the week in an upward direction in all three centres. Demand for crossbreds was again very strong, with increases of around 7%, on average, in the various AWEX MPGs on top of last week's gains of 4 to 5%. Oddments also had a good week, particularly in Newcastle.
Buyers for China were dominant, with strong demand from buyers for Europe and India. As usual, buyers for Italy were strong in Newcastle, but received keen competition from buyers for China.
Sales will be held in Sydney, Melbourne and Fremantle next week (Week 36), when 53,048 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 37 and 38) are 39,930 and 42,100 bales, respectively; an increase of 11.1% over the three sale period when compared with last year.
Growers are continuing to offer wool that had been held on-farm, or in brokers stores, to take advantage of the current market.
The New Zealand Merino Company is rostered to offer 600 bales in Melbourne next week. This follows the cancellation of their sale after the earthquake last week.
This week's sales in South Africa were suspended until next Wednesday 9 March due to uncertainty following the detection of Foot & Mouth Disease near South Africa's border with Swaziland.
Brentano’s newest drapery balances classic sensibility with groundbreaking fibers for a truly innovative addition to the Brentano Green label. Elegant Silhouette comes in two stylish shades and is woven from 100% natural bamboo fiber that in the past has been primarily used in the apparel industry.
In contrast to bamboo viscose, the natural bamboo fiber goes through a process that includes braising, crushing, decomposing, and refining the material.
This natural bamboo fiber extracting process allows the fiber to maintain bamboo's inherent characteristics such as luxurious luster, excellent moisture absorbency, high resistance to microorganisms and sunlight, and the ability to act as a deodorizer.
Additionally, the fine yarn is structurally similar to linen, and shares the qualities of a supple hand and outstanding drape. Bamboo is a rapidly renewable resource and is retted with enzymes, making it a part of the Brentano Green label. Silhouette is perfect for those looking for a gorgeous and eco-friendly drapery option.
Congressman Robert Aderholt (AL-04) submitted a bill in the House of Representatives that would correct trade rules to help the domestic textile manufacturing industry. The legislation, a companion bill to S. 433 introduced by Senator Jeff Sessions (R-AL) would modernize and reauthorize the Generalized System of Preferences (GSP) through 2012, along with the Andean Trade Preference Act.
"This bill will keep jobs in America and ensure that companies like Exxel Outdoors, Inc. are able to compete on an even playing field with international industries who aren’t subject to the same taxes,” said Congressman Aderholt. “During a time of record unemployment, it is important that we do more to save jobs in Alabama and America, including ensuring that our trade policy is fair for local manufacturing companies."
The GSP is a system of trade rules designed to promote economic growth in the developing world by providing preferential duty-free entry for about 4,800 products from over 130 designated beneficiary countries and territories. To protect the domestic industry, textiles are not included in GSP. However, there is a loophole in the law that does not recognize sleeping bags as a textile under GSP, making them eligible to receive duty-free benefits from developing zountries.
"Exxel began moving its sleeping bag production operations from China to Alabama in 2005, and now produces 80% of its bags in Alabama. It also moved some operations from Mexico to Haleyville, proving that U.S. workers can compete in the global market," said Congressman Aderholt. Harry Kazazian purchased the Exxel Outdoors, Inc. factory when it was on the cusp of shutting down in 2000, then hired back its employees to re-open. They now produce over 2 million sleeping bags per year in Haleyville, accounting for about 30 percent of the U.S. sleeping bag market.
DAILY RFID has recently released UHF RFID clothing tag for tracking clothes in retail store. With a sophisticated electronic ID chip inside each RFID tag, it enables the garments to be traced accurately and efficiently. It is a good method to better control inventory and minimize the operation cost.
The RFID Clothing tag supports ISO18000-6C and ISO18000-6B protocol. And the UHF tags supports multi-detection when embedded in clothing, thus offering a flexible read range from 10cm to 4m. It will help workers quickly find the right clothes, with the aim of ensuring shelves are optimally stocked and inventory tightly watched.
With a rope tied at one end, the RFID tag for clothing allows for easy attachment to apparel, as well as easy removal from clothing. In order to meet user versatile requirement, the clothing RFID tag can be printed with the logo or serial number.
With a selection storage capacity 512 or 96 bit, the UHF tag is suitable for use in apparel retail, garment rental operations or anywhere clothing is to be managed to streamline the process and reduce unnecessary extra costs.
DAILY RFID CO LIMITED, which belongs to PAN Group Co., ltd, is the leading company focusing on the research and development of EPC & RFID technology in China.
DAILY RFID specialize in producing arguably the world's most extensive line of RFID Tag, RFID Label, Smart Card and RFID Reader, which are suitable for any vertical markets, and have obtained the National Integrated Circuit Card Register Certificate, IC Card Manufacture License and ISO9001 Quality Management System Certification. Also, we own a factory covering an area of 26,000 square meters.
Intertek launched its Textile Compliance Guide EU for iPad mobile digital device application (app), as part of its ongoing commitment to providing best-in-class services for consumer goods testing, inspection and compliance professionals. The Textile Compliance Guide EU for iPad app was developed in response to growing demand for instant access to key information by industry professionals, with an aim to help them stay in the loop about the constantly changing regulations in the world of textile compliance while they are on the go.
"Many of our customers and other industry professionals need access while travelling or working remotely to resources like EU textile regulations. The iPad platform enables Intertek to provide our customers access to information at their fingertips using this valuable tool."
Intertek previously developed the same app for the iPhone mobile phone, the Textile Compliance Guide EU for iPhone app, which has amassed some 1,500 downloads from users across 60 countries since its debut, making it one of the most popular apps for professionals in the testing, inspection and certification industry.
In addition to the functions of its predecessor, the new Textile Compliance Guide EU for iPad™ app features an enhanced interface that allows quicker access to practical and valuable resources with regard to major aspects of textiles, from fibers, yarns and fabrics to finished products, in addition to legislation specific to the European Union and countries within the European Economic Area.
"Since its launch in April 2010, nearly 15 million iPad tablets have been sold, illustrating strong consumer demand for portability to meet business needs," said William Quilindo, IT Business Relationship Director, Intertek Consumer Goods. "Many of our customers and other industry professionals need access while travelling or working remotely to resources like EU textile regulations. The iPad platform enables Intertek to provide our customers access to information at their fingertips using this valuable tool."
Intertek also launched US CPSIA for iPhone and US CPSIA for iPad applications in 2010 that contain the content of the Consumer Product Safety Improvement Act (CPSIA) by section and in full text, supplemented with frequently asked questions about compliance and safety testing requirements. To better answer the needs of industry professionals, Intertek will continue to enhance the existing apps, as well as to develop additional apps for iPhone and iPad mobile digital devices.
Intertek is a leading provider of quality and safety solutions serving a wide range of industries around the world. From auditing and inspection, to testing, quality assurance and certification, Intertek people are dedicated to adding value to customers’ products and processes, supporting their success in the global marketplace. Intertek has the expertise, resources and global reach to support its customers throughits network of more than 1,000 laboratories and offices and over 26,000 people in more than 100 countries around the world.
The American Apparel & Footwear Association (AAFA) applauded the launch of the Sustainable Apparel Coalition (SAC), an industry driven network of apparel and footwear brands, manufacturers, retailers, non-governmental agencies, government stakeholders, and academics working in a collaborative effort to reduce the environmental and social impact of apparel and footwear products sold around the world.
"Over the past few years, the U.S. apparel and footwear industry has embraced sustainability as a key component to the way we do business," said AAFA President and CEO Kevin M. Burke.
"The industry understands that collaboration and transparency are the best ways to reduce our industry's impact on the environment. Industry initiatives like the SAC and related tools like the AAFA-endorsed Eco Index developed by the Outdoor Industry Association (OIA) embrace this collaboration."
"AAFA looks forward to continue providing the U.S. apparel and footwear industry with a robust forum to discuss best practices and identify successful tactics," Burke said. "One tool that has aided in this discussion is AAFA’s Restricted Substances List (RSL), a go-to industry resource that provides clear information to help keep our industry compliant and competitive around the world."
Sustainability will be featured at three upcoming AAFA events, including the AAFA Environmental Committee’s meeting on March 15, 2011, in Washington, D.C., AAFA’s International Product Safety & Sustainability Conference on April 29 2011, in Dongguan, China, and AAFA’s 2011 International Sourcing, Customs, and Logistics Integration Conference on May 11 – 13, 2011 in Miami, Florida.
