Home / Knowledge / News / Apparel/Garments / Apparel retailer Ann Q3 FY'13 sales up 7%
Apparel retailer Ann Q3 FY'13 sales up 7%
25
Nov '13
ANN INC. reported results for the fiscal third quarter of 2013, ended November 2, 2013.  The Company also provided its outlook for the fourth quarter and updated its outlook for the full year of fiscal 2013.

For the fiscal third quarter of 2013, the Company reported record earnings per diluted share of $0.89, compared with earnings per diluted share of $0.84 in the third quarter of 2012. 

Diluted earnings per share for the fiscal third quarter of 2012 included an $0.08 per share benefit related to the recognition of gift card and merchandise credit breakage.  Excluding the benefit, diluted earnings per share for the fiscal third quarter of 2012 was $0.76.

Fiscal 2013 Third-Quarter Results

Total net sales for the third quarter of fiscal 2013 were $657.5 million, an increase of 7% compared with total net sales of $612.5 million in the third quarter of fiscal 2012. 

By brand, net sales across all channels of the Ann Taylor brand totaled $249.2 million in the third quarter of 2013, compared with net sales of $244.6 million in the third quarter of 2012.  At the LOFT brand, net sales across all channels were $408.4 million in the third quarter of 2013, compared with net sales of $368.0 million in the third quarter of 2012.

Total Company comparable sales for the quarter increased 3.7%, on top of an increase of 5.5% in the third quarter of 2012.  At Ann Taylor, total brand comparable sales increased 0.6%, reflecting an increase of 4.4% at Ann Taylor, which includes sales results at both Ann Taylor stores and anntaylor.com, and a decline of 6.9% in the Ann Taylor Factory channel. 

At LOFT, total brand comparable sales were up 5.6%, reflecting an increase of 6.3% at LOFT, which includes sales results at both LOFT stores and LOFT.com, and an increase of 1.8% in the LOFT Outlet channel.  

Gross margin, as a percentage of net sales, was 55.7%, compared with the 57.9% gross margin rate achieved in the third quarter of 2012. The gross margin performance in the third quarter of 2013 primarily reflected the impact of a highly competitive promotional environment.

Selling, general and administrative expenses for the third quarter of 2013 were $295.8 million versus $287.5 million reported in the third quarter of 2012.  As a percentage of net sales, selling, general and administrative expenses improved 190 basis points to 45.0% compared to the third quarter 2012 rate of 46.9%. 

The improvement in SG&A rate during the third quarter of 2013 primarily reflected fixed cost leveraging resulting from higher net sales and lower performance-based compensation expense, partially offset by expenses associated with our year-over-year store growth and other expenses supporting the expansion of the business. 

The Company reported operating income of $70.4 million in the third quarter of 2013, compared with operating income of $66.9 million in the third quarter of 2012.  Net income was $41.2 million in the third quarter of 2013, versus the $40.7 million reported in the third quarter of 2012. 

Diluted earnings per share was $0.89, compared with $0.84 in the third quarter of 2012.  Diluted earnings per share for the fiscal third quarter of 2012 included a one-time $0.08 per share benefit related to the recognition of gift card and merchandise credit breakage, without which, diluted earnings per share was $0.76.

Click here to read full results

Ann Inc


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