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.
- Will Amazon take over the US apparel market?
- VF Corp confirms interest in Africa sourcing
- US groups seek workable apparel provisions in TPP
- G-Star RAW pushes the boundaries of denim
- Pakistan textile mills fear rash of closures
- VF Corp ups guidance on "strong" Q2
- Under Armour secures Germany and Austria deals
- Metallised thread for "revolutionary" RFID tag
- Manufacturing in China falls to 15-month low
- Millennials "changing the game" for hosiery
- Ethiopia – the emerging textile and clothing industry
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Global market review of workwear - forecasts to 2019
- Management briefing: Factory safety and auditing: The key challenges
- Global market review of denim and jeanswear – forecasts to 2020