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Ann Inc. profit, sales hit by weak traffic; inventory surges at Ann Taylor
New York – Ann Inc. beat Wall Street expectations for the third quarter with net income of $29.9 million, down 27% from $41.2 million the same quarter a year earlier. Pre-tax and after-tax charges associated with the closure of the Madison Avenue Ann Taylor store helped drive down net income. -
Gordmans names new head merchant
Lisa Evans has joined Gordmans Stores as EVP and chief merchandising officer as the apparel and home décor retailer looks to restore growth following another disappointing quarter.
Evans appointment to the head merchant role at the 98 store chain was announced in conjunction with third quarter results that saw same store sales decline 7.8% on top of a prior year decline of 6.1%. Net sales declined 3.1% to $146.7 million. The company reported a net loss of $1.9 million, or 10 cents a share, compared to a prior year profit of $1.1 million, or 6 cents a share.
