News

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.
Serving big men yields big results at DXL
Clothes aren’t the only thing big at Destination XL as evidenced by a double digit third quarter comp increase aided by omnichannel integration.

Sales at Destination XL increased 5% to $93.6 million, compared with $88.7 million in the prior-year quarter. Same store sales increased 5.5%.

Destination XL posts Q3 loss, will open new DXL stores

Canton, Mass. – Destination XL posted a loss of $6.3 million in the third quarter of fiscal 2014, up from a loss of $4.1 million the same quarter a year earlier. Transition costs, including lease exits and pre-opening costs, contributed to the growing loss.
Hibbett Sports on track for 1,000 stores

Hibbett Sports reported relatively flat third quarter same store sales, but the company achieved record new expansion and is prepared to surpass 1,000 units in 2015.

For the third quarter, Hibbett posted profits of $16.9 million, down from $17.3 million in the prior-year quarter. The decline was mainly due to markdowns related to slow selling and aged inventory, the company said.
Analysis: Zappos goes brick-and-mortar

The news that Zappos opened its first freestanding store caught by the industry by surprise. Here are two expert views:
Ann sales hit by weak traffic, labor strike

Ann Inc. President and CEO Kay Krill cited a number of factors that caused the company to report its first decline in same-store sales in 10 quarters.
Guest Commentary: Black Friday - Retailers are doing it wrong

By Jason Becker, RICS Software Retailers – take a step back from Black Friday weekend this year. I’m not suggesting you shouldn’t move forward with your promotions and sales. Everyone knows that Black Friday weekend can be one of the most profitable times of the year for retailers. But relying too much on this crazy weekend of shopping to generate holiday season profits is a big mistake.
Wet Seal names interim CFO

FOOTHILL RANCH, Calif. - The Wet Seal announced that Thomas R. Hillebrandt will assume the role of interim CFO, effective December 1, 2014, concurrent with the previously announced resignation of Steven H. Benrubi, the company’s current CFO. Hillebrandt has served as VP and corporate controller at Wet Seal since September 2013.
Life after the Rainbow Loom at Michaels

As the popularity of the Rainbow Loom waned this year so did sales at Michaels where third quarter comps declined 0.8% compared to the prior year.
Children’s Place names Reliance Industries vet CFO: Q3 net income drops

Secaucus, N.J. – The Children’s Place Inc. has named Anurup Pruthi as senior VP and CFO, effective Dec. 1, 2014. He will report to Michael Scarpa, COO.