THE TIMES TO A T: The New York Times Co.'s News Media Group saw advertising decrease 1.4 percent for the third quarter, but the T: Women's Fashion magazine proved an ad magnet for the company. The title drew the largest number of ad pages of any New York Times magazine since 1984. Janet Robinson, president and chief executive officer of the New York Times Co., said during an earnings conference call the company will continue to develop the T Magazine franchise, confirming the December launches of T Magazine online and International T (which will focus on women's fashion, men's fashion, travel, design and holiday), inside the International Herald Tribune. "A lot of luxury advertisers have embraced that buy," Robinson added.
Net income for the company rose 6.7 percent from the third quarter in 2006, to $13.4 million. Operating profit increased 57.1 percent to $28.1 million. Staff reduction costs for the quarter were $4.9 million, compared with $7.4 million from the previous year's third quarter. However, the company is predicting $14 million to $16 million in reduction costs during the fourth quarter. Speaking to the sharp increase, a spokeswoman said: "We are consolidating the operations of our New York-area printing plants. We announced the consolidation in July 2006. We expect to complete the consolidation in the first half of 2008."
CREATIVE BUSINESSMEN: Despite the defection of publisher Joe Lagani to Glam Media on its kickoff day, House & Garden's first design week seemed to hum along as planned. Fashion was well-represented among the 45 events around Manhattan, including an industry-only breakfast panel hosted by the magazine last week on the business of being creative. There, Coach president and executive creative director Reed Krakoff emphasized staying true to your vision. "Say Macy's wants something — I'm just making up Macy's as a bad guy..." he began, and the chuckling panel turned to see the reaction of co-panelist Linda Fargo of Bergdorf Goodman. "We're not in Bergdorf," Krakoff added. "We're not allowed in Bergdorf!"