LOFT brand delivers outstanding results in Q4 - Ann Inc

06 Feb '12

4 min read

During his tenure, Mr. Lynch substantially grew the highly profitable factory outlet channel from $150 million in annual revenues to approximately $500 million in fiscal 2011. Also under his leadership, the Company's e-commerce channels have grown significantly and are expected to deliver approximately $250 million in sales this year, doubling the business in the last two years.

As a result of the reorganization, Christine Beauchamp, former Brand President of the Ann Taylor Division, has left the Company to pursue other opportunities. Stated Ms. Krill, "We appreciate Christine's contributions towards evolving the Ann Taylor brand and wish her much success in her future endeavors."

Based on preliminary fourth quarter results, the Company also updated the outlook for the full year of fiscal 2011 it provided on November 18, 2011, as follows:

•The Company expects to report fiscal 2011 total net sales of $2.212 billion, an increase of more than $230 million, or 12%, versus fiscal 2010. This reflects a total Company comparable sales increase of 7%.
•Gross margin rate performance is expected to be 54.7%.
•Selling, general and administrative expenses are expected to be 48.1% of net sales, reflecting leverage versus fiscal 2010 as a result of continued disciplined expense management and sales growth. Total SG&A expenses in fiscal 2011 are expected to be $1.065 billion, compared with $979 million in fiscal 2010.
•The Company's full-year effective tax rate is expected to be 40%.

ANN INC

More Ann Taylor News... More Apparel/Garments News - United States Of America...