-
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.