Home / Knowledge / News / Apparel/Garments / Third quarter is outstanding – ANN's CEO
Third quarter is outstanding – ANN's CEO
24
Nov '11
ANN INC reported results for the fiscal third quarter of 2011, ended October 29, 2011. The Company also provided its outlook for the fourth quarter and full year of fiscal 2011.

For the fiscal third quarter of 2011, the Company reported earnings per diluted share of $0.61, compared with earnings per diluted share of $0.41 in the third quarter of 2010.

Kay Krill, President and CEO commented, "ANN INC. delivered another outstanding quarter, generating our fourth consecutive quarter of double-digit sales growth and our ninth consecutive quarter of double-digit growth in earnings and diluted earnings per share. Looking ahead to the balance of the fiscal year, we are on track to achieve another year of significant growth in sales and earnings.

"By brand, LOFT generated exceptional results, as compelling product and effective marketing drove significantly higher sales and profitability across all LOFT channels. The Ann Taylor brand delivered solid performance, reflecting outstanding results in the e-commerce channel, solid performance in the factory channel and softer-than-expected sales in the stores channel."

Fiscal 2011 Third Quarter Results
Total net sales for the third quarter of fiscal 2011 were $564.0 million, compared with net sales of $505.3 million in the third quarter of fiscal 2010. By brand, net sales across all channels of the Ann Taylor brand totaled $229.7 million in the third quarter of 2011, compared with net sales of $223.2 million in the third quarter of 2010. At the LOFT brand, net sales across all channels were $334.3 million in the third quarter of 2011, compared with net sales of $282.1 million in the third quarter of 2010.

Total Company comparable sales for the quarter increased 5.5%, on top of an increase of 11.7% in the prior year. At Ann Taylor, total brand comparable sales increased 2.5%, reflecting a decline of 5.8% at Ann Taylor stores, and increases of 45.8% in the Ann Taylor e-commerce channel and 1.8% in the Ann Taylor Factory channel. At LOFT, total brand comparable sales were up 7.9%, reflecting increases of 5.9% at LOFT stores, 23.0% in the LOFT e-commerce channel and 10.9% in the LOFT Outlet channel.

Gross margin, as a percentage of net sales, was 57.5%, an increase of 30 basis points compared to the 57.2% gross margin rate achieved in the third quarter of 2010. Our strong third quarter gross margin performance was primarily driven by improved product offerings and higher full-price selling at the LOFT brand, as well as the benefits realized from growth in the e-commerce and factory/outlet channels since the third quarter of 2010.

Selling, general and administrative expenses for the third quarter of 2011 were $269.5 million, up 9% from $247.4 million in the third quarter of 2010, on a 12% increase in net sales. As a percentage of net sales, selling, general and administrative expenses declined 120 basis points to 47.8%, versus theprior year period.


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
76.8%
No
13.0%
Skip
10.1%

Total Votes: 69

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.3%
No
27.5%
Skip
10.1%

Total Votes: 69

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.5%
No
10.1%
Skip
4.3%

Total Votes: 69

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.4%
No
11.6%
Skip
13.0%

Total Votes: 69


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search