New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 14, 2014
10:37 EDTANN, ASNA, CWTR, CACHAnn Inc. advances after results, strategic realignment announcement
Shares of women's specialty retailer Ann Inc. (ANN) are higher this morning after the company reported fourth quarter results that beat expectations and announced a strategic realignment. WHAT'S NEW: Ann Inc. reported Q4 earnings per share of 10c, which topped analystsí consensus estimate of 7c. The company's revenue came in nearly in-line with the consensus forecast. Ann Taylor brand sales were $246.2M, while Loft brand sales were $377.1M in Q1. Total same store sales for the quarter increased 2.9%, with Ann Taylor brand SSS down 1.1% and LOFT brand SSS up 5.7%. Looking ahead, the retailer forecast first quarter revenue of $600M, SSS approximately flat and gross margin rate performance of 55%. The consensus forecast of analysts for Q1 revenue prior to the report was just over $613M. For fiscal year 2014, the company sees revenue of $2.62B, compared to estimates for $2.64B, and SSS up in the low-single digits. WHAT'S NOTABLE: The retailer announced an organizational strategic realignment in a move to support an integrated stores/ecommerce structure and position the company for accelerated growth and efficiency. As a result of the realignment, the company said it eliminated about 100 positions from its corporate workforce. The company expects to record a pre-tax restructuring charge of approximately $15M in connection with the realignment, most of which will be incurred in Q1. The realignment is expected to result in ongoing annualized pre-tax operating savings of about $25M, and the company sees $15M of this realized in FY14. Chief Executive Officer Kay Krill also announced that Gary Muto was named as president of Ann Inc. Brands. Krill said on the earnings conference call that omnichannel will continue to be a key focus for the company. Krill noted that the company will move forward with plans to enter Mexico with the LOFT brand in the second half of 2014. The executive said that Q1 is "off to a choppy start," adding that "some weeks are good, some weeks are softer." The company will take a "cautious" approach to the quarter given extreme weather conditions, heightened promotional environment and soft traffic. PRICE ACTION: Ann Inc is trading up 4.45%, to $36.43 in mid-morning trading. OTHERS TO WATCH: Shares of Ann Inc. peer Ascena Retail (ASNA) is up about 0.5%, ColdWater Creek (CWTR) is up 2.6% and Cache (CACH) is up fractionally.
News For ANN;ASNA;CWTR;CACH From The Last 14 Days
Check below for free stories on ANN;ASNA;CWTR;CACH the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
July 21, 2014
08:32 EDTASNAAscena Retail initiates search process for new CFO
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use