Ann Inc. Q1 sales rise as Loft makes up for Ann Taylor
Ann Inc., the women’s attire retailer, pronounced Friday initial entertain sales rose tolerably as a sales benefit at Loft stores helped compensate for Ann Taylor’s sluggish performance.
Company-wide sales were up 1.2% year-over-year to $597.7 million.
Net income totaled $13.6 million, up from $5.2 million a year ago when a restructuring charge hampered the bottom line. Excluding the restructuring assign and alternative “one-time” items, gain per widely separated share totaled 37 cents, surpassing analysts’ guess of 33 cents.
Shares fell 3 cents to $47 Friday morning.
Ann Taylor sales fell to $211.3 million from $219.9 million a year ago as women increasingly opt for some-more infrequent styles at work. Sales of the Loft brand, deliberate some-more affordable than Ann Taylor, rose to $386.4 million from $370.6 million a year ago.
Its sum distinction margin dipped to 52.3% from 53.4% due to “continued trade hurdles and the rarely rival sell environment,” as good as “soft product opening at Ann Taylor Factory and in name categories at Loft.”