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August 22, 2014
13:12 EDTANN, ASNA, CACH, NWYAnn Inc. slides after Q2 SSS decline
Shares of women's specialty retailer Ann Inc. (ANN) are sliding after the company said that it experienced softer traffic levels along with sales and margin pressure in the second half of the second quarter. WHAT'S NEW: Ann's Q2 earnings per share was 70c, which is a bit higher than analysts' consensus of 68c. The company's Q2 revenue was $648.7M, which nearly matched analysts' consensus of $648.09M. The clothing retailer cited softer traffic levels and a highly promotional environment pressured sales and margin as the reason for its loss during the second half of the quarter. In addition, LOFT experienced continued softness in basic knit tops, which represented a significant component of its summer assortment. Q2 same-store-sales were down 2.3%. Ann sees Q3 revenue to be $670M, which is a bit lower than analysts' consensus of $673.31M and sees Q3 comparable sales to be flat to slightly negative. The company expects it FY14 revenue to be $2.56B, which matches analysts' $2.56B consensus and anticipates flat comparable sales in FY14. WHAT'S NOTABLE: During the company's conference call, Ann said that Q3 inventories are "conservatively positioned" as it enters the fall season. Ann said that despite the "challenging" retail environment, the retailer noted that it is focused on optimizing full-price sell-through to drive positive comp and increase productivity. Overall, the company believes that it is better positioned to optimize brand growth. PRICE ACTION: During afternoon trading, shares of Ann Inc. fell $1.19, or 3.07%, to $37.62. OTHERS TO WATCH: Ascena Retail (ASNA) is up fractionally, Cache (CACH) is down 1.52%, and New York & Company (NWY) is up 1.84%.
News For ANN;ASNA;CACH;NWY From The Last 14 Days
Check below for free stories on ANN;ASNA;CACH;NWY the last two weeks.
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September 16, 2014
09:29 EDTANNAnn Inc. leveraged buyout makes sense in low-$50 range, says Janney Capital
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September 15, 2014
09:17 EDTANNAnn Inc. responds to Engine Capital and Red Alder
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06:52 EDTANNEngine Capital, Red Alder urge Ann to announce strategic alternatives review
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September 9, 2014
11:12 EDTASNAAscena Retail appoints LaPorte Chief Accounting Officer
Ascena Retail announced that Ernest LaPorte joined the company as senior vice president, Chief Accounting Officer. As CAO, LaPorte will oversee Ascena’s accounting, financial reporting and accounting shared service functions. For the last seven years, LaPorte held the position of senior vice president, Controller at Saks.
09:04 EDTANNMorgan Stanley views a potential IPO of Ann Inc. as unattractive
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September 5, 2014
10:28 EDTASNAHigh option volume stocks
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September 3, 2014
06:29 EDTNWYWet Seal says CEO John Goodman leaves company
Wet Seal (WTSL) said in a filing that on August 27, the company’s Board of Directors voted to approve John D. Goodman’s Severance Agreement and Release with the company. Pursuant to such agreement, Goodman’s employment with the company ended on August 26, at which time he resigned as the company’s CEO and from all other positions with the company, including his position as a director on the Board of Directors. In addition, on August 27, the company’s Board of Directors voted to appoint Edmond S. Thomas to serve as the company's CEO and to serve as a member of the Board of Directors. Thomas’s appointments will be effective on the date that his full-time employment with the company commences, which is expected to be September 8. Thomas most recently served as a partner of KarpReilly, LLC, a private investment firm focused on small to mid-size growth companies, from February 2011 to August 2014. Thomas previously served as President and CEO of Wet Seal from October 2007 to January 2011. Thomas is currently a member of the board of directors of New York & Company (NWY).

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