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BUSINESS
October 29, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
Fashion designer Mossimo Inc., continuing its rebound from a nearly disastrous move into higher-end apparel, on Thursday reported its first quarterly net profit in two years. The Irvine company said it earned $1 million, or 7 cents a share, for the third quarter ended Sept. 30, compared with a net loss of $3.4 million, or 23 cents a share, for same time period last year. Sales spiked 85% to $20.3 million from $11 million.
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BUSINESS
October 29, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
You're on a boat in the South Pacific. Waterfalls cascade down hillsides and into the warm, clear sea. Your goal is to find a perfect wave and surf it. If you don't find one, no problem. You can go fishing instead. Or diving. Or snorkeling.
BUSINESS
October 27, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
Unable to recover from a fashion faux pas during the back-to-school shopping season, specialty retailer Wet Seal Inc. warned Tuesday that it expects a slump in fiscal third-quarter earnings due to slow sales. After the warning, the company's stock sagged to a 52-week low of $12.75 before rebounding a bit to $13.50, down $2.31, or nearly 15%, in Nasdaq trading. The Foothill Ranch-based retailer expects to earn 21 cents to 23 cents a share for the three months ending Oct.
BUSINESS
October 19, 1999 | LESLIE EARNEST, Leslie Earnest covers retail businesses for The Times. She can be reached at (714) 966-7832 and at leslie.earnest@latimes.com
Surf wear's "A-list" has gotten increasingly crowded over the last year with established companies hanging tough as new labels have also vaulted to the top, local surf shop owners say. "There's a cat fight at the top that's absolutely unbelievable," said Dave Hollander, co-owner of Becker Surf N' Sport in Corona del Mar. The best-known companies, Quiksilver Inc.
BUSINESS
September 30, 1999 | From Bloomberg News
Pacific Sunwear of California Inc., which sells casual apparel for young adults, said Wednesday it will double the number of its music- and sports-fashion stores as it expands by almost 28%. The Anaheim-based company, which operates the Pacific Sunwear and d.e.m.o retail chains, plans to add 125 stores to the 450 it will have at the end of its fiscal year in January, said Chairman and Chief Executive Greg Weaver, speaking at a Banc of America Securities conference in San Francisco.
BUSINESS
July 30, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
Mossimo Inc. reported its first quarterly operating profit in two years Thursday, as sales from ongoing operations rose 22%. Factoring in a one-time charge of $6.1 million, the Irvine-based clothing designer remained in the red. But Mossimo's improving numbers indicate that its internal reorganization is paying off, according to Chief Executive Edwin Lewis.
BUSINESS
July 21, 1999 | ROBIN FIELDS, TIMES STAFF WRITER
Irvine sportswear maker Mossimo Inc. said Tuesday it will pay $13 million to settle state and federal class-action lawsuits alleging it misled investors with falsely optimistic financial statements and progress reports. Company chairman Mossimo Giannulli disputes the allegation that Mossimo deceived shareholders, but said the deal would remove uncertainty at a time when the clothier is trying to retrench. "It's been an absolute distraction," he said. "We wanted to move on."
BUSINESS
July 21, 1999 | Robin Fields
Irvine sportswear maker Mossimo Inc. said it will pay $13 million to settle state and federal class-action lawsuits claiming it misled investors with falsely optimistic financial statements and progress reports. Company Chairman Mossimo Giannulli disputes the allegation that Mossimo deceived shareholders, but said the deal would remove uncertainty at a time when the clothier is trying to retrench. "It's been an absolute distraction," he said. "You never know what can happen in court.
BUSINESS
July 8, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
St. John Knits Inc. changed hands Wednesday as the founding Gray family and a New York investment firm closed a deal to buy the upscale women's clothing company for $30 a share. St. John's stock ceased trading on the New York Stock Exchange on Wednesday. Shares closed Tuesday at $29.75, a three-month high. An affiliate of New York-based Vestar Capital Partners now owns 78% of the newly structured company, St. John Knits International Inc., while Chief Executive Robert E.
BUSINESS
July 2, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
St. John Knits Inc.'s buyers have kicked in $25 million more than expected and increased their bank debt after a sale of junk bonds to help finance the deal attracted insufficient interest amid fears of rising interest rates. "We ended up financing the deal at the worst possible time in the bond market," Jim Kelley, with New York-based Vestar Capital Partners, said Thursday. Vestar is buying the Irvine-based upscale women's clothing company with Chief Executive Robert E. Gray and his family.
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