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.
- MYANMAR SNAPSHOT: Textile and apparel industry
- Indian apparel exporters discuss policy changes
- Clothing seen as central focus for new Tesco CEO
- Alliance members buy more products from Bangladesh
- VF Corp bullish for second-half growth
- Crystal Group improves worker communication
- TIMELINE: Charney ousting from American Apparel
- VF Corp books "solid" Q2 performance
- Weatherproof jackets release harmful chemicals"
- UN rights expert urges further Cambodia reforms
- Global market review of denim and jeanswear – forecasts to 2020
- Management briefing: Sourcing shifts: Changes and challenges
- American Eagle Outfitters, Inc. : Reacting to a need for change
- Ethiopia – the emerging textile and clothing industry
- Plunkett's Apparel & Textiles Industry Almanac 2014: Apparel & Textiles Industry Market Research, Statistics, Trends & Leading Companies