In the third quarter of the current fiscal Ann Taylor brand’s total comparable sales decreased 6.6 per cent, reflecting plunge of 4.8 per cent at Ann Taylor and 10.4 per cent in the Ann Taylor factory channel. At the LOFT brand, total comparable sales declined 2.9 per cent, reflecting decrease of 3.3 per cent at LOFT and 1 per cent in the LOFT Outlet channel. Both are the leading women’s specialty retail fashion brands in North America and Ann Inc the parent company has initiated a comprehensive, end-to-end assessment of its supply chain. This initiative is designed to identify opportunities to enhance profitability, with a focus on speed, flexibility, improving product sell-through and reducing the cost of goods sold. Kay Krill, President and CEO, said, “Our results for the third quarter at both the Ann Taylor and LOFT brands fell short of our expectations, reflecting lower mall traffic and a highly promotional retail environment. In addition, sales during the first half of the quarter were negatively impacted by product shipment delays related to labor uncertainty at the West Coast ports, which were mitigated by the use of air freight later in the quarter.”
