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.
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