Ann Inc total net sales decline to 646.8 mn dollars in Q3

REPORT_ For the fiscal third quarter of 2014, Ann Inc reported earnings per diluted share of 0.65 dollars on a GAAP basis, or 0.72 dollars per diluted share excluding the impact of a charge associated with the closure of Ann Taylor's Madison Avenue store of approximately 0.07 dollars per diluted share. This compares with earnings per diluted share of 0.89 dollars in the third quarter of 2013. Total net sales for the third quarter of fiscal 2014 were 646.8 million dollars, compared with total net sales of 657.5 million dollars in the third quarter of fiscal 2013.

Commenting on the development, Kay Krill, President and Chief Executive Officer, said, “Our results for the third quarter were slightly ahead of the outlook we provided earlier this month. As previously noted, our performance reflected weak traffic across the industry, a highly promotional retail environment and the impact of labor uncertainty at the West Coast ports, which resulted in product shipment delays in the first half of the quarter and higher air freight expense later in the period. In addition, Ann Taylor experienced soft product performance in select categories, resulting in its first negative comparable sales performance in the last ten quarters.”