US: Ann Inc cuts Q4 outlook on weak consumer spend
Ann Taylor comparable sales declined 1%
Women's apparel group Ann Inc has cut its fourth-quarter sales forecast on the back of weak traffic and consumer spending.
In an update today (6 February), the company said it estimates sales of US$623m for the quarter, down from its $640m forecast in November.
It added that it expects to report a gross margin of around 49.2%. This compares to 49.1% reported last year.
The group's Ann Taylor brand saw total comparable sales decline 1% in the quarter, while Loft comparable sales rose 6%.
"Soft traffic and tepid consumer spending across the industry negatively impacted us, particularly in factory outlet centres and geographic regions that experienced extreme winter weather," said CEO Kay Krill.
- What the EU-Vietnam trade deal means for duties
- Ultimate frontier Myanmar uplifts Bogart Lingerie
- US apparel retailers' January 2016 sales roundup
- US apparel import growth led by Bangladesh
- Esquel backs Chinese Sea Island cotton production
- Sears looks to lift apparel via sourcing changes
- Direct sourcing helps M&S narrow the gap with Next
- Eco-friendly garment factory opens in Bangladesh
- Clothing and sports chains in activewear battle
- Nike accelerates digital strategy with new hire
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Wearable technology: The future market potential for smart garments and e-textiles
- Global market review of denim and jeanswear – forecasts to 2021
- Practical Price Negotiation
- Wearable Technology Market by Product, Application, Type, & Geography - Global Forecast to 2020