US: Ann "committed" to growth as Golden Gate reveals share
Women's apparel group Ann Inc says it remains committed to building shareholder value after Golden Gate Capital revealed it holds a 9.5% shareholding in the company and said it believed the stock was "undervalued".
In a filing this week disclosing its beneficial ownership in the women's apparel group, Golden Gate said it owned 4.4m shares in Ann Inc as of yesterday (20 March), making it the company's largest shareholder.
It noted: "[We] believe that the common stock is an attractive investment that is undervalued by market participants."
In response, Ann Inc said it had reviewed the filing and added: "Following Ann Inc's second consecutive year of delivering record earnings per share and our fourth consecutive year of delivering positive comparable sales at both Ann Taylor and Loft, the company's board of directors and management team remain committed to building value for our shareholders through the ongoing successful execution of our strategy and growth initiatives, as well as the continued utilization of our strong balance sheet.
"We always welcome new investors and appreciate all of our shareholders' interest in the company as we pursue our goal of continuing to increase shareholder value."
Last week, the company said the strength of its brands had helped boost earnings in the fourth quarter - but revealed a strategic alignment plan that has seen the firm cut 100 jobs as it shifts to more of an omni-channel focus.
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