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Heavy promotions hurt Ann Inc. in Q4
NEW YORK — Ann Inc.'s net income for its fiscal fourth quarter dropped to $2.2 million from $8 million in the year-ago period, hurt by heavy promotions at namesake stores.
Sales increased to $566.7 million, from $515.3 million, and same-store sales for fourth quarter rose 5.3%.
By brand, same-store sales plummeted 10.9% at namesake stores, but rose 8.1% at Loft stores. Strength in the online channel boosted overall same-store results.
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Nordstrom introduces free shipping on in-store purchases
Seattle -- A report by Bloomberg said that Nordstrom Inc. will introduce an ongoing free shipping program for all purchases made at its department stores starting next week.
The program was unveiled just months after Nordstrom introduced standard free shipping and returns on its online orders. It was the first department store chain to do so.